VIEW 克而瑞研究中心 "每周研究精读" ， 聚焦宏观、行业、房企、土拍、产品、客需、榜单等多个研究 成果，与各界探讨行业运行逻辑、变数及未来趋势。 点击标题阅读全文 榜单 2025年10月中国房地产企业品牌传播力TOP50 1 0月国庆、中秋双节与重阳节相继而至，成为房企品牌传播与责任践行的重要契机。 专题 福州土拍成交总价34亿元，3宗宅地中，2宗宅地均由本地国企左海竞得，1宗出让前取消拍卖；4宗商办用地合计成交总价 6.08亿元。 典型城市库存结构性风险的深度拆解 结构性矛盾凸显治理紧迫性，精准施策为库存化解关键 观点 11月新房供应低位持稳，主城区改善产品为供给主力 11月市场热度预期回落，多数城市新房成交预期由增转降 代建渗透率再创新高，二线仍是"主战场" 2 025年代建渗透率持续攀升，但主要得益于二线城市的带动，也受到单城市影响强烈。 土拍｜福州2宗宅地均由本地国企竞得，鼓楼最大城更项目顺利收官 研报 企业月报 | 单月销售维持低位，投融资均环比下降（2025年10月） 1、合约销售：百强房企1 0月实现销售操盘金额2530亿元 2、企业拿地：1 0月投资额较前三季度月均降三成，超半数未有拿地 ...

11月市场热度预期回落，多数城市新房成交预期由增转降 ◎ 文/ 俞倩倩 11月新房供应量低位持稳， 28城单月供应环比微增5%，同比下降46%。一线城市环比回升主要依托北京、广州拉动，同比下滑显整体压力。二线城市总量持平下， 分化加剧。三四线城市供应降无可降，低基数下环比大增。 从供给结构来看，重点城市刚需、改善、高端占比结构为28%、55%和17%，呈现出以改善为主，刚需为辅的供应结构。 近8成城市以主城为供应主力。 基于11月供应低位持稳，加之当前热点城市北上广深蓉杭等热点城市市场亦有降温迹象，故而新房成交绝对量或将延续低位盘整行情，基于去年基数较高，同比降 幅或有持续扩大可能。 规模：11月28城供应同比降46% 京穗苏郑长等环比"翻番"显著回升 01 | 能级 | 城市 | 2025年 11 月預估 | 环比 | 目狀 | 2025年前11月 | 累计同比 | | --- | --- | --- | --- | --- | --- | --- | | | 北京 | 31 | 167% | 40% | 411 | 8% | | | ┣海 | 14 | -69% | -81% | 436 | -35% | ...

Core Viewpoint - The penetration rate of entrusted construction projects in the commodity housing sector continues to rise, reaching 7.23% in the first three quarters of 2025, an increase of 0.8 percentage points compared to 2024. However, the development trends vary across different city tiers, with only second-tier cities showing an upward trend while first-tier and third- and fourth-tier cities experience a decline [2][3][4]. Group 1: Overall Market Trends - The penetration rate of entrusted construction projects has reached a new high of 7.23%, surpassing the 2024 level. The quarterly breakdown shows a first-quarter rate of 5%, a second-quarter surge to 8.7%, and a third-quarter rate of 7.12% [4][6]. - The distribution of new entrusted construction projects in 2025 indicates that second-tier cities dominate, accounting for 84% of the projects, while only 1% are located in first-tier cities [6][12]. Group 2: First-Tier Cities - Among first-tier cities, Guangzhou leads with the highest number of opened entrusted construction projects, totaling 9, followed by Shanghai with 5, and Shenzhen and Beijing with 3 and 2, respectively [8][10]. - The majority of entrusted construction projects in first-tier cities are located in non-core areas, with Guangzhou's projects primarily in districts like Nansha and Zengcheng [10][11]. Group 3: Second-Tier Cities - The penetration rate in second-tier cities has reached 9.89%, an increase of nearly 2 percentage points compared to 2024, making it the only tier to see significant growth in 2025 [12][13]. - Cities like Suzhou and Tianjin have penetration rates exceeding 30%, with Suzhou at 38.5%, indicating a strong focus on second-tier cities by construction enterprises [14][16]. Group 4: Third- and Fourth-Tier Cities - The penetration rate in third- and fourth-tier cities has slightly decreased to 6.15%, down 1.67 percentage points from 2024, largely influenced by individual city performance [18][19]. - Despite the current decline, there are long-term opportunities in third- and fourth-tier cities, particularly in regions like the Pearl River Delta [21][24].