行业点评 本周 A 股地产、港股物业均上涨，港股地产下跌。本周（8.16-8.22）本周申万 A 股房地产板块涨跌幅为+0.5%， 在各板块中位列第 31；恒生港股房地产板块涨跌幅为-0.6%，在各板块中位列第 9。本周恒生物业服务及管理指数涨 跌幅为+1.1%，恒生中国企业指数涨跌幅为+0.5%，沪深 300 指数涨跌幅为+4.2%；物业指数对恒生中国企业指数和沪 深 300 的相对收益分别为+0.7%和-3.1%。 土地市场溢价率有所回落。本周（8.16-8.22）全国 300 城宅地成交建面 553 万㎡，单周环比-14%，单周同比-52%， 平均溢价率 5%。2025 年初至今，全国 300 城累计宅地成交建面 23666 万㎡，累计同比-5.4%；年初至今，绿城中国、 中海地产、保利发展、建发房产、滨江集团的权益拿地金额位居行业前五。 本周(8.16-8.22)47 个城市商品房销售 285 万方，成交量环比+8%，同比-11%，整体维持季节性低位；7 月新房售 价环比-0.3%，环比跌幅持平，同比-3.4%，同比降幅持续收窄；结合量价，景气度下行趋缓。本周分能级来看：一线 城市周环比+5%，周同比 ...

Core Insights - The use of special bonds for acquiring idle land has seen significant progress, with over 4,300 parcels and an area exceeding 220 million square meters being targeted for acquisition as of August 18 [1][2] - The total amount proposed for land acquisition using special bonds has surpassed 550 billion yuan, with Guangdong province leading at nearly 790 billion yuan [2] - The issuance of special bonds for this purpose is primarily concentrated in "self-examination and self-initiated" pilot regions, indicating a need for acceleration in other provinces [3][4] Group 1: Special Bonds Issuance - As of August 18, the total amount of special bonds issued or to be issued for acquiring idle land has exceeded 150 billion yuan, accounting for 27% of the total proposed acquisition amount [3] - Guangdong province has issued 37.7 billion yuan, ranking first, followed by Hunan province with a total of 30.7 billion yuan from five issuances [3] - The issuance pace remains slow in non-"self-examination and self-initiated" regions, which have yet to issue relevant special bonds [3] Group 2: Market Impact and Future Projections - Approximately 5.2% of the total newly issued special bonds, amounting to about 2.88 trillion yuan, have been allocated for acquiring idle land [4] - The total quota for new local government special bonds this year is set at 4.4 trillion yuan, with projections suggesting that around 800 billion yuan may be allocated for idle land acquisition in the future [4] - The recent government meetings have emphasized the need for a comprehensive assessment of available land and ongoing projects, which could lead to policy optimizations and improved market conditions [4]

Core Viewpoint - The article discusses the progress of using special bonds to acquire idle land, highlighting the amount of land and financial resources involved in this initiative [2][4][5]. Group 1: Special Bonds for Idle Land Acquisition - As of August 18, over 4,300 cases of proposed land acquisition using special bonds have been publicly announced, covering an area of over 220 million square meters and totaling over 55 billion yuan [2][4]. - Among the 31 provinces and cities, 26 have reported plans to use special bonds for land acquisition, with Guangdong province leading with a proposed total amount of nearly 79 billion yuan [4]. - Approximately 50% of the proposed acquisition prices are between 0.8 and 1.0 times the original transaction price, indicating a decrease in the ratio of acquisition prices compared to previous data [4]. Group 2: Issuance of Special Bonds - The total amount of special bonds issued or to be issued for acquiring idle land has exceeded 150 billion yuan, accounting for 27% of the total proposed acquisition amount [5][6]. - Guangdong province has issued 37.7 billion yuan, the highest among provinces, followed by Hunan with a total of 30.7 billion yuan from five issuances [6]. - The actual issuance of special bonds for land acquisition remains low and is concentrated in "self-examination and self-initiated" pilot areas, with other provinces needing to accelerate their issuance [6][7]. Group 3: Overall Special Bond Issuance - Cumulatively, about 2.88 trillion yuan of new special bonds have been issued, with those for idle land acquisition making up only about 5.2% of the total [7]. - The total quota for new special bonds for local governments this year is set at 4.4 trillion yuan, with nearly 70% already issued, suggesting that around 800 billion yuan may be allocated for idle land acquisition in the future [7].

Core Insights - The central and local governments are actively using special bonds to recover idle land, with significant progress made in policies and implementation [1][8] - As of August 18, over 4,300 parcels of idle land have been publicly announced for recovery using special bonds, covering an area of over 22 million square meters and totaling over 55 billion yuan [2][9] Summary by Category Special Bonds and Land Recovery - The total amount of special bonds proposed for land recovery exceeds 55 billion yuan, with Guangdong being the largest province in terms of proposed recovery scale [2][3] - Seven provinces, including Guangdong, Hunan, and Anhui, have issued or are about to issue special bonds totaling over 150 billion yuan, which is less than 30% of the proposed recovery amount [8][9] Provincial and City Breakdown - Guangdong leads with 372 parcels and a total recovery area of 1.93 million square meters, with a proposed recovery amount of 79.7 billion yuan [3][4] - Among cities, Chongqing has the highest proposed recovery amount of 53.38 billion yuan, covering over 1.81 million square meters [4][5] Land Use and Ownership - Residential land remains the primary focus for recovery, accounting for approximately 66% of the parcels, with a notable increase in the last two months [5][6] - About 84% of the proposed recovery parcels are owned by local state-owned enterprises, while only 13% are owned by private enterprises [5] Pricing and Market Dynamics - Approximately 50% of the parcels have a proposed recovery price that is between 0.8 and 1.0 times the original transaction price, indicating a potential discount on some parcels [5][10] - The issuance of special bonds for land recovery is currently concentrated in "self-examination and self-initiated" pilot areas, with other regions needing to accelerate their bond issuance [10]