未来的房子，既要建得好，也要改得巧。新房子要建成安全、舒适、绿色、智慧的"好房子"；老房子要 通过改造，变身宜居家园。随着《住宅项目规范》国家标准的全面实施，"好房子"建设将有标可循，多 元化的改善性住房供给将更好满足不同群体的安居梦想。 从需求端，各地推出系列政策"组合拳"。从优化"认房不认贷"政策，到推出多孩家庭、人才购房补贴； 从优化公积金贷款额度与使用范围、推出"以旧换新"模式，到联动房企、中介机构搭建交易平台，解决 部分老旧小区业主"卖旧难、换房贵"的痛点……灵活多样的政策"工具箱"不断释放改善性住房需求，推 动市场供需动态平衡。 新华社北京11月29日电（记者王优玲）住房，是民生之要。"十五五"规划建议提出，因城施策增加改善 性住房供给。这一重要部署，是适应房地产发展新阶段、推动行业迈向高质量发展的重要举措。 当前，我国房地产市场供求关系已发生重大变化。一方面，住房供给从总量短缺转为总量基本平衡、结 构性供给不足；另一方面，住房需求从"有没有"转向"好不好"，人民群众对改善居住条件有了更多新期 待。 "十四五"期间，住房保障体系持续完善，群众居住条件进一步改善。全国累计销售新建商品住宅面积约 50 ...

住房，是民生之要。"十五五"规划建议提出，因城施策增加改善性住房供给。这一重要部署，是适应房 地产发展新阶段、推动行业迈向高质量发展的重要举措。 房地产发展的最终落脚点是民生。因城施策增加改善性住房供给，让更多人住上"好房子"。 "十五五"开局在即，进一步实现百姓"安居梦"，精准施策成为关键。 增加改善性住房供给，要做好住房"升级"大文章。针对我国城市在人口流动、经济发展水平、房地产市 场状况等方面的不同特点，需要各地因地制宜、因城施策建立差异化政策体系，才能实现供需适配、精 准发力。 未来的房子，既要建得好，也要改得巧。新房子要建成安全、舒适、绿色、智慧的"好房子"；老房子要 通过改造，变身宜居家园。随着《住宅项目规范》国家标准的全面实施，"好房子"建设将有标可循，多 元化的改善性住房供给将更好满足不同群体的安居梦想。 从需求端，各地推出系列政策"组合拳"。从优化"认房不认贷"政策，到推出多孩家庭、人才购房补贴； 从优化公积金贷款额度与使用范围、推出"以旧换新"模式，到联动房企、中介机构搭建交易平台，解决 部分老旧小区业主"卖旧难、换房贵"的痛点……灵活多样的政策"工具箱"不断释放改善性住房需求，推 动市场 ...

Investment Rating - The industry rating is maintained at "Outperform" [1][24]. Core Insights - The overall transaction in the real estate market remains volatile, with the "Fifteenth Five-Year Plan" proposing city-specific policies to increase housing supply, which is crucial for market stability and benefits quality developers [1][24]. - New home sales in major cities showed a slight week-on-week increase, with a total sales area of 2.04 million square meters, up 0.21% from the previous week, but down 40.6% year-on-year [25]. - The cumulative sales area from October 1-30, 2025, for 30 cities was 6.94 million square meters, reflecting a month-on-month decrease of 5.64% and a year-on-year decrease of 25% [25]. - Second-hand home sales in 24 cities continued to decline, with a total sales volume of 2.17 million square meters, down 3.43% week-on-week and down 23.7% year-on-year [26]. - Land transaction growth in 100 cities slowed, with land supply at 19.88 million square meters and transactions at 19.31 million square meters, resulting in a supply-to-sales ratio of 1.03 [27]. - The inventory clearance cycle in 35 cities increased to 22.45 months, indicating a slight rise in the saleable area [28]. Summary by Sections New Home Sales - In week 44 of 2025, new home sales in major cities were 2.04 million square meters, with first-tier cities at 0.53 million square meters, second-tier cities at 1.07 million square meters, and third-tier cities at 0.45 million square meters [25]. Second-Hand Home Sales - Second-hand home sales in 24 cities were 2.17 million square meters, with first-tier cities at 0.8975 million square meters, second-tier cities at 0.824 million square meters, and third-tier cities at 0.448 million square meters [26]. Land Transactions - Land supply was 19.88 million square meters, with transactions at 19.31 million square meters, and the cumulative land transfer amount was RMB 55.4 billion [27]. Inventory Clearance - The saleable area in 35 cities was 317.44 million square meters, with an inventory clearance cycle of 22.45 months [28].