上海某项目售楼处。 李贝贝/摄 本报（chinatimes.net.cn）记者 李凯旋 北京报道 "银十"开局，又赶上国庆、中秋双节小长假（10月1日至10月8日），重点城市的售楼处依旧热闹。《华 夏时报》记者注意到，北京、上海、深圳的部分新房项目十分"抢手"，成交量和带看量持续走高，热门 二线城市的部分新房项目得益于产品力也是热销，假期期间成交额达到亿元。 业内表示，假期期间，核心城市优质项目保持较高热度。不过，当前全国楼市整体仍在调整的过程中。 展望四季度，金融端、市场端、供给端都有望继续发力。例如，一线城市限购政策还有松绑空间，5年 期以上LPR也有下调预期。 部分城市新房热度升高 对于核心城市而言，小长假给楼市带来的购买效应依旧在持续。"我们估计是国庆期间北京最火的新房 项目，沙盘边都围满了客户。"北京通州运河玖院的置业顾问对《华夏时报》记者表示。据悉，通州运 河玖院主打"第四代住宅"理念，主推大户型，其售价在6.1万元/平米至7.4万元/平米，是当前北京楼市炙 手可热的"千万级豪宅项目"。 上海的部分新房项目看房者也是络绎不绝。保利发展上海公司方面对《华夏时报》记者表示，公司在国 庆期间推出了"11 ...

Group 1 - The real estate industry is showing signs of recovery as the "Golden September and Silver October" traditional peak season approaches, with the top 100 real estate companies achieving a monthly sales amount of 252.8 billion yuan in September 2025, a year-on-year increase of 0.4% and a month-on-month increase of 22.2% [1] - Among the top 100 real estate companies, 72 companies reported month-on-month performance growth in September, with 45 companies experiencing a month-on-month increase of over 30%, including major players like China Resources Land and China State Construction [1] - Cumulative sales for the top 100 real estate companies from January to September 2025 reached 2.60659 trillion yuan, a year-on-year decline of 12.2%, but the decline has narrowed by 1.1 percentage points compared to the previous period, indicating an initial recovery trend [1] Group 2 - Poly Developments ranked first in sales with 201.7 billion yuan, followed by Greentown China and China Overseas Land with sales of 178.5 billion yuan and 170.5 billion yuan, respectively [2] - The enthusiasm for land acquisition among real estate companies has increased, with the total land acquisition amount for the top 100 companies reaching 727.8 billion yuan from January to September 2025, a year-on-year increase of 36.7% [2] - Leading companies in new land value include Greentown China, Poly Developments, and China Overseas Land, with new land values of 117.5 billion yuan, 101 billion yuan, and 95.2 billion yuan, respectively [2] Group 3 - The strong performance in land acquisition and sales is primarily seen among leading state-owned enterprises and a few mixed-ownership and private companies, with quality real estate firms expected to benefit more in the future [3] - Several core cities have continued to optimize demand-side policies in September, injecting momentum into the market, such as Shenzhen relaxing purchase restrictions and Shanghai optimizing property tax policies [3] - Despite some recovery in core cities, many other cities still face relative stagnation, and the overall market remains under adjustment pressure, with a continued focus on stabilizing the market [3]

朋友圈的一则"惊闻"：房价三天涨回四年跌幅？我陷入沉思 当朋友圈被"三天房价涨回四年跌幅"的奇闻刷屏时，我一边刷新着最新的数据，一边陷入了深深的沉思。刚刚公布的8 月统计数据显示，全国70个大中城市中，二手房价格普遍下行，竟有69个城市仍在"下跌"的泥潭中挣扎；而一线城市的 新房价格环比跌幅更是扩大至0.3%。这一幕，宛如一出"魔幻现实"的戏剧，刚刚过去的几天疯狂上涨，与过去四年房地 产市场的持续调整形成了如此强烈的反差，令人震惊。 01、政策的"组合拳"能否托起楼市的"底盘"？ 然而，这些"暖流"似乎只惠及了特定人群。例如，90后程序员能够享受"首付最低15%、人才补贴"的政策，成功买到了 心仪的新房；二胎妈妈则抓住了"特价房"的机会。但对于普通购房者而言，大多数人仍在观望和等待。据中指研究院的 最新调查，6月份居民的购房意愿降至年内最低点，仅有15%，而高达34%的家庭表示"再等等看"。尽管政策频出，但对 市场的根本性改变尚未显现。 02、市场的极端分裂：豪宅的"狂欢"与老破小的"悲歌" 面对当前的房地产市场，我看到了两个截然不同的"极端"。 一端，是豪宅市场令人瞩目的"刷屏时刻"。上海新杨思板块，228 ...

上海限购政策正在逐步解锁。 正值夏末，8月25日上海市住房和城乡建设管理委、市房屋管理局等六部门联合印发了一篇通知--《关 于优化调整本市房地产政策措施的通知》（简称沪六条政策），涉及住房限购、公积金、住房信贷、税 收等六项调整，其中外环外区域取消限购、非沪籍单身购房条件放宽等措施引发市场广泛关注。 自此，外环作为一条分界线，逐步成为上海房市未来调控的新锚点。 有市场声音认为，当前上海市发展的重心已经回归到市中心，无论新楼盘上架，还是旧城改造城市更新 提速，城中心区域与郊区的楼市发展差距愈发明显，此次出台的沪六条政策调控或多或少与上海郊区的 去化目标相挂钩。 据观点新媒体观察，从近期上海新上架的外环内部分项目来看，事实上这一政策的影响也传导至上海中 心城区的新盘认购。 其中，中建二局位于上海静安大宁板块开发的中建玖上琅宸项目，意外地成为市场红盘。 01 中建二局静安"首秀" 去年9月14日，上海第五轮土拍现场中出现了一位新面孔---预备正式深入上海房市的中建二局，最终其 以底价63.6亿中标上海静安区灵石社区N070402单元094a-14地块住办项目。 据了解，该项目于9月中旬取证，9月11日开启认购，首推 ...

Core Viewpoint - The company plans to issue preferred shares to raise up to 8.2 billion yuan for real estate projects focused on ensuring housing delivery and supporting livelihoods, with no participation from major shareholders or related parties in the subscription [1][2]. Group 1: Fundraising and Financial Impact - The preferred shares will have a fixed dividend rate, be cumulative, and will not be convertible into common stock, thus avoiding dilution of existing shareholders' equity [2]. - The issuance is expected to increase the company's net assets by 2.94% and reduce the debt-to-asset ratio by 0.64 percentage points [2]. - The net proceeds from the fundraising will be allocated to 11 projects, with 8 located in major cities like Beijing, Shanghai, Guangzhou, and Shenzhen, aligning with the company's performance strategy [2]. Group 2: Sales Performance - In the first half of the year, the company achieved a signed sales area of 3.35 million square meters and a sales amount of 88.89 billion yuan, maintaining the fourth position in the industry [3]. - For the first eight months of the year, the cumulative signed sales amount reached 124.01 billion yuan [3]. Group 3: Market Context and Policy Support - The fundraising initiative coincides with supportive policies from the Shenzhen government aimed at stabilizing the real estate market [4]. - Recent policy adjustments in Shenzhen include optimizing purchase restrictions and credit conditions, which are expected to enhance market expectations and stabilize prices [5].

Investment Rating - The industry investment rating is maintained as "Buy" [1] Core Insights - The report observes a significant release of new housing demand in Shanghai, with a rebound in second-hand housing transactions in Beijing and Shenzhen [3][4] - In Beijing, the average daily transaction of second-hand residential properties reached 469 units, a year-on-year increase of 8.2%, while new housing transactions averaged 85 units, up 6.4% year-on-year [3] - In Shanghai, second-hand housing transactions averaged 674 units, a 26% year-on-year increase, and new housing transactions averaged 335 units, an 18% year-on-year increase [4] - In Shenzhen, second-hand housing transactions averaged 167 units, a 26% year-on-year increase, while new housing transactions averaged 52 units, down 4% year-on-year [4] Summary by Sections Policy Effects - The report highlights the positive impact of policy changes in major cities, particularly the cancellation of purchase restrictions in Shanghai, which significantly boosted new housing transactions [6] - The report notes that the recent policy adjustments in Beijing and Shenzhen have also led to a recovery in second-hand housing transactions, providing short-term support for demand [6] Transaction Data - New housing transaction area in 30 major cities increased by 8.3% year-on-year for the week of September 7-13, with a cumulative year-on-year decline of 5.9% from January to September [5] - The report indicates that first-tier, second-tier, and third-tier cities saw respective year-on-year increases in new housing transaction area of 13%, 13.8%, and a decline of 7.6% for the week [5] Investment Recommendations - The report suggests focusing on leading real estate companies with strong land acquisition capabilities and reasonable land reserves, such as Poly Developments [6] - It also recommends paying attention to leading intermediary institutions that may benefit from an increase in second-hand housing transactions, such as I Love My Home, as policy relaxation expectations rise [6]

Core Viewpoint - The article discusses the launch of the "Golden September and Silver October" housing promotion activities in Yueyang, Hunan, aimed at stimulating the local real estate market through various incentives for homebuyers [1][3]. Group 1: Yueyang Housing Promotion Policies - From September 1 to November 15, residents in Yueyang's main urban area can enjoy a series of housing benefits, including cash subsidies and relaxed conditions for public housing fund withdrawals [1][2]. - Homebuyers in Yueyang can receive a purchase subsidy of up to 20,000 yuan, which is 2% of the total price if the deed tax is paid within two months [3]. - Families with two or more children can benefit from increased loan limits and tax rebates, with rewards for purchasing new homes ranging from 100,000 to 200,000 yuan based on the size of the property [4]. Group 2: National Real Estate Market Stabilization Measures - Since the announcement of "strong measures" by the State Council on August 18, over 20 cities have implemented policies to stabilize the real estate market, including Shanghai's "Six New Policies" and Suzhou's cancellation of sales restrictions [2][6]. - These measures are expected to create a synergistic effect during the traditional peak sales period of "Golden September and Silver October," promoting faster sales and improving market conditions [7].

Investment Rating - The report maintains a "Buy" recommendation for the real estate sector, highlighting a policy easing in first-tier cities and low fluctuations in new home transactions [2][3]. Core Insights - The report emphasizes that the new home transaction volume remains low, with a year-on-year decline of 16% in the 35th week, while second-hand home transactions have increased by 13% [30][31]. - It notes that effective policies are crucial for market stability, particularly through broad fiscal measures and urban village renovations [38]. Industry Overview - The real estate sector consists of 107 listed companies with a total market capitalization of 1,233.62 billion [3]. - The sector's absolute performance over the last 12 months is reported at 32.1%, while its relative performance is down by 4.1% [4]. Policy Developments - Recent policy changes include increased housing provident fund loan limits in Shanghai, aimed at supporting homebuyers [19][20]. - Nanyang has introduced measures to stabilize the real estate market, including 20 initiatives to lower purchasing costs and support financing [22]. Sales Performance - In the 35th week, the total transaction area for new homes in 20 cities was 204 million square meters, with a daily average of 29.2 million square meters, reflecting a 38% increase from the previous week but a 16% decrease year-on-year [25][29]. - The report indicates that first-tier cities experienced a significant year-on-year decline in new home transactions, with Beijing and Shanghai seeing decreases of 39% and 31%, respectively [27]. Company Dynamics - Poly Developments reported a total revenue of 116.86 billion, a year-on-year decrease of 16.08%, while China Jinmao's revenue increased by 13.34% to 25.11 billion [23][24]. - China Overseas Development reported a revenue of 83.22 billion, down 4.55% year-on-year, while China Resources Land's revenue grew by 19.39% to 94.92 billion [24][23]. Investment Strategy - The report suggests focusing on companies with strong product moats and stable rental income from quality commercial real estate [38]. - It highlights the importance of monitoring second-hand home prices as indicators for market recovery, with a recommendation to pay attention to companies like Greentown China and China Resources Land [38].

Investment Rating - The report maintains an "Overweight" rating for the real estate industry [4][6] Core Insights - The adjustment of housing policies in Shanghai is expected to help reduce inventory and boost demand for improved housing [11] - The real estate sector is viewed as an early economic indicator, making it a key focus for investment [4] - The competitive landscape in the industry is improving, with leading state-owned enterprises and select private firms expected to benefit more in the future [4] - The report emphasizes a focus on first-tier and select second- and third-tier cities for investment opportunities [4] Summary by Sections New Housing Market - In the past week, new housing transaction area in 30 cities was 181.0 million square meters, a month-on-month increase of 14.3% but a year-on-year decrease of 5.9% [23] - First-tier cities saw a new housing transaction area of 43.4 million square meters, up 11.1% month-on-month but down 21.1% year-on-year [23] - Second-tier cities recorded 92.5 million square meters, with a month-on-month increase of 2.2% and a year-on-year increase of 10.2% [23] - Third-tier cities experienced a significant month-on-month increase of 56.7%, but a year-on-year decrease of 15.4% [23] Second-Hand Housing Market - The total transaction area for second-hand housing in 14 sample cities was 186.3 million square meters, down 3.3% month-on-month but up 12.2% year-on-year [32] - First-tier cities had a transaction area of 78.3 million square meters, with a slight month-on-month increase of 1.2% [32] - Year-to-date, the cumulative transaction area for second-hand housing reached 70.55 million square meters, reflecting a year-on-year growth of 16.6% [32] Credit Bond Market - A total of 11 credit bonds were issued by real estate companies this week, with a total issuance of 6.145 billion yuan, a decrease of 9.137 billion yuan from the previous week [42] - The net financing amount was -4.283 billion yuan, indicating a significant reduction in financing activity [42] - The majority of bonds issued were rated AAA, with a significant portion having maturities of over five years [42]

近期，我国房地产市场迎来新一轮政策调整窗口期。8月28日召开的国务院第九次全体会议明确提出，要采取有力 措施巩固房地产市场止跌回稳态势，这一表态为下半年房地产政策定下基调。会议特别强调要结合城市更新推进 城中村和危旧房改造，多管齐下释放改善性需求，显示出政策调控思路正从单纯"稳市场"向"促发展"转变。 北京率先打响一线城市政策调整"第一枪"，宣布放松五环外限购政策，允许京籍家庭在五环外新增一套购房资 格，非京籍家庭购房社保年限要求也同步降低。这一举措直接释放了约30%的新增购房需求，政策出台后两周 内，大兴、昌平等郊区新房到访量环比增长超40%。与此同时，全国超过30个城市优化了公积金政策，包括提高 贷款额度、放宽提取条件、推行"商转公"等，其中郑州将单人最高贷款额度上调至80万元，武汉允许二孩家庭公 积金贷款额度上浮20%。 市场数据印证了政策效果的逐步显现。国家统计局数据显示，今年1-7月全国商品房销售面积同比下降6.5%，降幅 较一季度收窄3.2个百分点；70个大中城市中，6月新建商品住宅价格环比上涨城市数量较年初增加15个。特别值 得注意的是，改善型需求正在成为市场新动能，重点城市120平方米以上户型 ...