点击标题阅读全文 观点 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。 快评｜中央城市工作会议有关房地产的五点解读 通过供需两端协同发力，短期内助力市场止跌回稳，中长期引导向"高品质、低风险、可持续"房地产业发展新模式转型。 行业数据｜上半年行业数据点评：房地产波动中筑底转型 成交规模波动中改善，价格降幅整体收窄，去库存取得积极成效 评司论企｜融资优化、业绩稳定：华发股份走出确定性增长路径 华发股份在"好房子"领域的实践已形成系统化体系，叠加充足的资金保障，将为企业抓住此轮市场机会提供有力的支撑。 研报 代建半年报 | 政府代建制政策持续落地，企业推进战略合作绑定委托方 根据CRIC监测的重点30城数据显示，2025年上半年城投及平台公司参与拿地的建面超过2200万平方米，较2024年上半年微增4%，占比为 45%，较2024年上半年、2024年全年分别下降5个pcts和19个pcts。 土地 | 供求规模周期性下降，溢价率升至年内均线（7.7-7.13） 第28周土地供求规模迎来了下半年初的周期性回落，成 ...

Core Viewpoint - The article emphasizes the need for a transformation in the real estate industry towards a "high-quality, low-risk, and sustainable" development model, supported by coordinated efforts on both supply and demand sides to stabilize the market in the short term and guide long-term growth [1][14]. Summary by Sections Urbanization and Housing Demand - The urbanization rate in China has increased from 53.1% in 2012 to 67% in 2024, with 940 million people living in urban areas. This urbanization has led to over 150 million new jobs and a stable influx of agricultural migrants into cities, which continues to support housing demand [2][3]. - The gap between the permanent urban population and registered urban population remains significant, indicating ongoing rigid housing demand driven by the urbanization of agricultural migrants [3]. Urban Development Strategy - The recent Central Urban Work Conference outlines a shift from rapid urban growth to stable development, focusing on improving existing urban areas rather than expanding them. This includes a more human-centered approach and efficient urban development [3][5]. - The development of urban clusters and metropolitan areas is crucial, with a focus on coordinated growth among cities of different sizes, which will shape the real estate market landscape [5]. County-Level Urbanization - A significant portion of county-level cities (over 50%) has an urbanization rate below 60%, indicating substantial room for growth. These areas house 610 million residents, suggesting a strong potential for housing demand as urbanization progresses [6]. Supply-Side Adjustments - The strategy includes optimizing the supply structure by controlling new real estate development land and enhancing the quality of existing urban areas. This involves revitalizing underutilized land and increasing the supply of high-quality residential properties [8][10]. - The government aims to improve housing quality through new regulations, emphasizing safety, comfort, and sustainability in residential construction [12][13]. Market Dynamics and Future Outlook - The focus on "good housing" is expected to stabilize the new housing market and create a new pricing benchmark, leading to a dynamic balance in supply and demand relationships in the real estate market [13][14]. - The article concludes that the ongoing urbanization will continue to support housing demand, with market share likely concentrating in core urban clusters, while high-quality urban renewal efforts will stimulate demand for improved housing [14].