行业评级：地产 强于大市（维持） 平安证券研究所地产团队 2025年11月23日 请务必阅读正文后免责条款 1 核心摘要 证券研究报告 政策预期升温，优质地产配置价值凸显 地产行业周报 2 周度观点：政策预期升温，降低房贷利率仍有必要。随着2024年四季度销售基数抬升，10月全国商品房销售面积同比降18.8%，70个大 中城市新房/二手房价环比降0.5%和0.7%，且降幅较9月有所扩大。楼市量价承压背景下，近期市场政策预期有所升温。我们在2024年9 月18日发布的专题报告《供需框架下楼市趋势探讨》提到，海外楼市企稳关键在于居民购房意愿与能力的提升、最终带来供需格局的改 善。展望国内楼市，一方面仍需宏观政策发力稳定居民收入预期，提升购房能力，另一方面2025Q3加权房贷利率（3.06%）仍高于10月 百城住宅租金回报率（2.36%），通过降息/房贷加点变化/政府贴息等方式降低房贷利率增强购房相对吸引力仍有必要。 短期大盘波动加剧，优质地产配置价值凸显。1）优质地产相对滞涨，叠加楼市复苏仍不明朗，短期政策博弈性价比提升；2）中期维度 来看，"好房子"的趋势并不会因短期楼市调整发生改变，历史包袱较轻的品质房企有望 ...

2025 年 11 月 23 日 站完人行业市 相关研究 证券分析师 袁豪 A0230520120001 yuanhao@swsresearch.com 研究支持 顾铮 A0230125070004 guzheng@swsresearch.com 联系人 顾铮 A0230125070004 guzheng@swsresearch.com 申万宏源研究微信服务号 住建部召开城市更新推进会，广州再启动存量商品房收储 － 地产及物管行业周报（2025/11/15-2025/11/21） 本期投资提示: 请务必仔细阅读正文之后的各项信息披露与声明 ● 地产行业数据：新房成交环比回升，二手房成交环比回落，新房成交推盘比回升。上周(11.15- 11.21)34 个重点城市新房合计成交 254 万平米，环比+26.3%，其中，一二线环比+28.6%，三四线 环比-5%。11 月(11.1-11.21)34 城一手房成交同比-33%,较 10 月-6.4pct。其中,一二线同比- 31.5%，三四线同比-46.4%，分别较 10 月-6.6pct 和-5.8pct。 上周 13 城二手房合计成交 107.3 万平 米,环比 ...

房地产 2025 年 11 月 23 日 行 业 研 究 / 行 业 点 评 相关研究 证 券 研 究 报 告 证券分析师 袁豪 A0230520120001 yuanhao@swsresearch.com 研究支持 顾铮 A0230125070004 guzheng@swsresearch.com 联系人 顾铮 A0230125070004 guzheng@swsresearch.com 本期投资提示： 请务必仔细阅读正文之后的各项信息披露与声明 本研究报告仅通过邮件提供给 中庚基金 使用。1 行 业 及 产 业 - ⚫ 地产行业数据：新房成交环比回升，二手房成交环比回落，新房成交推盘比回升。上周(11.15- 11.21)34 个重点城市新房合计成交 254 万平米，环比+26.3%，其中，一二线环比+28.6%，三四线 环比-5%。11 月(11.1-11.21)34 城一手房成交同比-33%，较 10 月-6.4pct。其中，一二线同比- 31.5%，三四线同比-46.4%，分别较 10 月-6.6pct 和-5.8pct。上周 13 城二手房合计成交 107.3 万平 米，环比-12.8%；11 月 ...

Core Insights - The real estate industry is undergoing a fundamental transformation in its development logic, shifting from a focus on "supply of goods" to prioritizing "people" and ensuring public welfare [4][8] - The "14th Five-Year Plan" had limited focus on real estate, while the "15th Five-Year Plan" emphasizes high-quality development and risk management in the sector [7][31] Group 1: Policy Signals and Development Logic - The "15th Five-Year Plan" includes key proposals for the real estate sector, such as building "safe, comfortable, green, and smart" homes and optimizing the supply of affordable housing [3][4] - The central government is placing significant emphasis on risk prevention in real estate, recognizing its impact on local government debt and financial institutions [7][31] Group 2: Industry Transformation and Quality Improvement - The industry is transitioning from a focus on scale to enhancing product quality, with a new standard for housing that includes safety, comfort, and sustainability [8][12] - The concept of "good housing" is being defined with specific criteria, including safety measures, comfort metrics, and green building materials [13][18] Group 3: Corporate Strategies and Market Dynamics - Real estate companies are shifting their roles from merely building and selling homes to providing comprehensive lifecycle services [14][30] - Companies like Beixin Building Materials are already implementing strategic transformations to focus on quality and service, addressing consumer pain points [14][19] Group 4: Industry Collaboration and Ecosystem Development - There is a consensus on the need for an upgraded industrial chain to support the construction of "good housing," which will drive demand and stimulate economic growth [24][31] - The integration of industrialization, green technology, and digitalization is essential for breaking down barriers in design, production, and construction [26][27]

Core Insights - The concept of "good housing" has been officially recognized in government reports, emphasizing safety, comfort, sustainability, and intelligence as core standards for residential needs in the new era [1][2] - China’s housing development is shifting focus from mere availability to quality, aiming to enhance residents' living standards and happiness through tailored solutions for diverse demographics [2][4] Group 1: Good Housing Framework - The "good housing" framework is built on respect and care for individuals, transitioning from "having housing" to "having good housing" [2] - The "good housing" system by China Resources Land includes "good products, good communities, and good services," supported by a "ten energy system" to ensure comprehensive living experiences [1][4] Group 2: Full-Cycle Renewal Technology - The "full-cycle renewal technology" allows flexible adjustments in living spaces using modular, industrialized, and column-free designs, enabling homes to adapt to changing family needs [4] - A comprehensive home renovation service system is established to cater to families with children and the elderly, ensuring homes remain aligned with evolving needs [4] Group 3: Affordable Rental Housing - The "Nest" brand under China Resources Land offers a multi-tier rental supply system, including compact units designed for young urban residents, maximizing functionality in limited space [6] - The rental model encourages tenant participation in community space improvements, fostering a sense of belonging [6] Group 4: Complete Community Development - The concept of a "complete community" is defined by a 15-minute living circle, integrating essential services like healthcare, childcare, and shopping within close proximity [8][9] - China Resources Land's diverse business operations, including commercial properties and asset management, support the development of these complete communities [9][10] Group 5: Operational Excellence - The operational strategy, termed "good maintenance," integrates housing management, community governance, and urban operations, enhancing overall service delivery [15][16] - Advanced technologies such as AI and IoT are employed to create smart community management systems, improving efficiency and safety for residents [17] Group 6: Urban Operations Model - The "Nanshan Model" exemplifies successful urban operations, focusing on integrated city services and community engagement, which can be adapted to various urban contexts across China [19] - The holistic approach to housing and community development positions "good housing" as a vital link between individual lives, community warmth, and urban growth [19]

最新财报显示，今年前三季度，万科实现营业收入1613.9亿元，同比下降26.61%；净利润亏损280.2亿 元。其中，三季度实现营业收入560.7亿元，同比下降27.3%；归属于上市公司股东净亏损160.7亿元， 亏损额同比扩大98%。三季度，万科持有的货币资金为656.8亿元，有息负债合计3629.3亿元。 11月20日，万科A小幅低开拉升，盘中最低探至6.02元/股，刷新十年来新低。截至当天收盘，万科A收 涨2.31%，报6.20元，成交额12.1亿元，总市值739.7亿元。 就外界关注的房地产市场趋势问题，万科集团执行副总裁郁亮表示，随着政策持续落实，合理住房需求 逐步兑现，行业有望逐步走出调整周期，迈向稳健发展新阶段。他认为，《"十五五"规划建议》强调 了"好房子、好服务"的重要性，面向未来，为客户提供"好房子、好服务"将是行业竞争力的基础。 此前，为缓解现金流，自万科于2025年6月27日召开2024年度股东大会以来，深铁集团已多次向万科提 供资金安排。相关数据显示，2025年初至今，深铁集团已累计向公司提供借款307.96亿元。 最新的一次是一周前。11月11日，万科A发布公告称，深铁集团向公司提 ...

"留存道" 创始人卞栎淳女士现场分享专业收纳理念，结合家庭生活痛点，高度认可项目收纳设计的实用性与前瞻性："长安华曦府・金安真正做到了'收纳融 入生活'，让空间利用效率与居住舒适度完美平衡。" 活动通过 "体验 + 解读" 的形式，让 "国民好房子" 从概念落地为可感知的居住细节，获媒体一致好评。 2025年11月19日，中国电建地产旗下长安华曦府・金安项目 "国民好房子的 99 个答案" 媒体品鉴活动在项目示范区盛大举行。近30家房地产主流媒体、行业 数据平台及知名自媒体大V齐聚现场，与国内头部整理收纳机构 "留存道" 共同深度体验项目产品力，一场聚焦 "好房子" 本质的品鉴盛宴，为京西人居市场 注入新活力。 沉浸式体验 + 专业解读 解锁 "好房子" 核心密码 活动现场，媒体嘉宾们以 "居住体验官" 身份，深入测评示范区及美学样板间：从全优空间格局的动线设计，到玄关、厨房、家政间等 12 大收纳场景的细节 呈现，再到超级静音系统、满配精装的实际体验，直观感受项目 "极限扩容" 带来的 "同等面积多出一间房" 居住实感。 产品打造上，项目严格遵循住建部 "6633 好房子标准"，配备 约49 米宽酒店式归家 ...

这一系列举措释放出明确信号：房地产行业正迈入以好房子为核心导向的高质量发展阶段。 中指研究院分析指出，这体现了中央对房地产的重视，也为行业锚定了高质量发展的方向。在即将到来的"十五五"时期，加快好房子建设、推动城市更新与 存量盘活，有望成为行业高质量发展的三大主线。 在行业进入信任重建的新周期后，房企的竞争逻辑也被重新定义。从讲故事到看兑现。谁能真正把产品造好、交付到位、服务落地，谁就能在市场分化中脱 颖而出。 在这一趋势下，一批注重产品兑现与品质持续迭代的高品质项目，正成为好房子概念的具象表达。在上海，缦云上海代表新盘兑现力，从建筑之美延伸至生 活之实；古北99则代表焕新力，从老盘更新走向生活运营。一个兑现未来，一个兑现现在，共同构成了合生好房子体系的现实注脚。 从建筑兑现到生活兑现，缦云上海让好房子落地可见 在好房子建设的语境中，缦云上海是兑现力的注脚。 项目位于杨浦滨江板块，总建筑面积约88万平方米，涵盖住宅、商业、风貌保护建筑及办公空间。入市三年以来，缦云上海以260亿销售额成为近2年上海一 线滨江销售冠军，赢得近千户客户的认可与青睐。 缦云外立面采用大面积铝板，配合香槟金属边框与玻璃幕墙，营造出现代 ...

什么是年轻人眼中的"好房子" 每天早上8点20分，23岁的康康下楼从早点铺取走提前预订的早餐，步行5分钟到达地铁站，再乘坐15分 钟地铁直达公司。不到9点，他已经坐到工位上。"虽然现在合租的房间不到20平方米，但不管是房租价 格、周边配套还是通勤便利度，我都比较满意。"他说。 今年10月，中国青年报社联合保利发展北京公司发布《2025年北京互联网从业青年"好房子"需求调研报 告》(以下简称《报告》)，其中显示，超七成00后受访者在租房生活，其中，合租占30.08%，整租占 41.46%。超四成受访者反映通勤距离过长、周边配套缺失是主要痛点。此外，房屋隔音差、采光弱、 户型不佳等问题也影响居住体验感。 一名互联网行业的受访者向中青报·中青网记者提供了一份"租房避坑宝典"，"踩坑"多集中在租金、居 住环境、中介服务态度、物业服务水平等方面。 一年前，康康来四川成都工作时，一直在寻找合适的租住房源。"我工作的地方在南边的金融城附近， 离单位越近的房子，租金就越高。稍微便宜点的，要么距离远，要么就是'老破小'。"康康前前后后挑 选了一两个月，始终没找到满意的房子，最后只能在4公里外的火车南站附近，暂时租下一间老旧房 ...

Core Insights - The 27th China International High-Tech Achievements Fair (C³ Future Architecture Conference) was held in Shenzhen, where the "Good House Quality Standards" by China Merchants Shekou became a focal point, attracting over 400 representatives from government, industry, and the supply chain [1][3] Industry Trends - The transition from "housing for all" to "quality housing" in China's housing construction is set for 2025, with the concept of "Good House" included in the government work report for the first time, and the "Good House Residential Construction Standards" implemented on May 1 [4] - Enhancing residential quality and services is crucial for the real estate industry to return to its core and achieve high-quality development, as emphasized during the conference [4] Company Initiatives - China Merchants Shekou, as the first company to launch the "Good House" product, showcased its practical achievements in translating national policies into executable and perceptible living solutions, providing an innovative model for high-quality development in the real estate sector [3][4] - The "Good House+" quality standard system was released, summarizing 46 years of experience in the living space sector, aiming to contribute a model for industry transformation [6] - The quality standard system includes three main value propositions: "Smart and Safe Quality Home," "Naturally Harmonious Aesthetic Home," and "Long-lasting Community Home," covering seven dimensions and 485 technical modules [6] Practical Applications - Six benchmark projects, including Beijing's "招商序," Chengdu's "锦城序," and Xi'an's "玺," have been established as the first samples of the new standards [8] - In Shenzhen, three strategic new products are set to launch in key locations, with the "招商玺" project embodying the concept of "A Home for a Lifetime," integrating top global design resources [8] - A themed exhibition area at the conference provided a tangible understanding of the "Good House" concept, showcasing the seven quality standards and the practical applications of the 485 technical modules [8]