3月16日，自然资源部、国家林业和草原局联合发布《关于进一步做好自然资源要素保障的通知》（以下简称《通知》），自然 资源部召开新闻发布会进行介绍并解读。 值得注意的是，《通知》中最受关注的内容有两点： 一是要建立健全新增建设用地与存量建设用地盘活挂钩机制，年度新增城乡建设用地原则上不得超过盘活存量土地面积。 二是新增建设用地优先保障重大项目建设和民生事业发展，原则上不用于经营性房地产开发。 对于上述两点，自然资源部有关负责人在解读时表示： 统筹存量增量促进内涵式发展 3月16日，自然资源部、国家林业和草原局联合发布《关于进一步做好自然资源要素保障的通知》，共十三条政策举措。 其中，在统筹存量增量促进内涵式发展方面，《通知》提出，经地方人民政府依法批准但实际未使用的建设用地，可由原批准用地机关撤回用地批准文 件，涉及的占补平衡指标仍然有效。对实现"一张图"联网的省（区、市），实施建设用地规模规划期总量管控机制，由省级政府统筹使用"十五五"新增建 设用地指标。各省（区、市）要建立健全新增建设用地与存量建设用地盘活挂钩机制，年度新增城乡建设用地原则上不得超过盘活存量土地面积。 《通知》要求，新增建设用地优先保障重大 ...

Investment Rating - The report suggests a positive outlook for the real estate industry, emphasizing the importance of revitalizing existing land resources and managing inventory effectively [2][18]. Core Insights - The implementation of the "incremental storage linkage mechanism" aims to accelerate the revitalization of existing land resources, aligning with the central government's strategy of controlling new supply, reducing inventory, and optimizing supply [2][18]. - The recent policy document (Document No. 38) indicates that new construction land will prioritize major projects and public welfare, which is not intended to halt land supply but rather to shift focus towards utilizing existing land [14][15]. - The report highlights that the overall impact of the new policy is more beneficial than detrimental for real estate companies, particularly those with significant inventory in suburban areas [17][18]. Summary by Sections 1. Market Overview - The A-share real estate sector has underperformed the broader market, with a weekly decline of -0.53%, lagging behind the benchmark by 0.72 percentage points [20][21]. - The Hong Kong real estate sector also showed a decline of -3.95%, underperforming the market by 2.82 percentage points [32]. 2. Credit Market - The issuance of real estate credit bonds totaled 10.58 billion, with a net financing amount of 1.007 billion, indicating a challenging financing environment [20][39]. - Cumulative issuance of real estate credit bonds reached 744.80 billion, with a net financing deficit of -156.55 billion compared to the previous year [20][39]. 3. REITs Market - The REITs index experienced a decline of -0.74%, with the property REITs index down by -1.27% and the operating rights REITs index down by -0.08% [40][41]. - The total transaction volume for REITs was 9.91 billion, with a decrease of 4.68% compared to the previous week [54]. 4. Housing Market - New and second-hand housing transaction areas saw significant year-on-year declines of -41.58% and -46.88%, respectively, indicating ongoing challenges in the housing market [6][18]. - The report anticipates a stabilization in the second-hand housing market, while new housing metrics are expected to bottom out [2][18]. 5. Land Market - The supply and transaction area of land in major cities increased by 9.10% and 3.54% respectively, while the premium rate decreased by 4.49% [5]. - The report emphasizes that the new policy will not stop land supply but will focus on optimizing the quality of land offered [15][18].

地方精准施策与市场韧性共振，杭州、成都等城市展现战略定力 ◎ 文 / 马千里 2025年作为"十四五"规划收官与"十五五"规划承启的关键节点，中国土地市场迎来提质增效新阶段。在精 准供地政策与增存挂钩机制的双重引导下，各能级城市正因地制宜推进供给侧改革：核心城市聚焦价值提 升，成长型城市强化内生动力，区域协同发展格局正在加速形成。 预供地公告作为土地供给侧的前瞻性指标 ，既体现现阶段地方政府对政策目标与市场规律的精准把握，更 是研判城市发展战略与市场趋势的重要依据。 本文基于官方数据及市场监测，从规模调控、结构优化、节奏把控三方面解读预供地数据背后的发展逻辑 与分化特征。（数据来源：自然资源部公示信息及CRIC监测） 01 总体规模缩减35%，一线城市韧性凸显 2025年1-2月，全国预供地总建筑面积同比下降35.5%，用地面积减少37.5%，延续了2023年以来的收缩趋 势。"增存挂钩"机制、"以人定地"供地原则在2025年得到了深化落实。 具体分城市能级来看： 二线城市"增减分化" ：整体预供应建面平均回落24%，城市间明显分化，长三角城市群中，杭州、合肥、 宁波等供地规模均逆势增长；而东北、华北部分城市 ...