行 业 研 究 2025 年 09 月 14 日 投资评级：看好（维持） 行业走势图 数据来源：聚源 0% 12% 24% 36% 48% 60% 2024-09 2025-01 2025-05 房地产 沪深300 相关研究报告 《2025 上半年房地产行业综述：行业 仍处于缩表进程，关注重点房企边际 改善—行业点评报告》-2025.9.10 《深圳政策调整点评：八个行政区限 购大幅放松，有望对金九银十形成支 撑—行业点评报告》-2025.9.8 《新房成交面积同环比下降，深圳购 房政策放松—行业周报》-2025.9.7 新房成交面积同环比下降，主动适应城市发展阶段新 变化 | ——行业周报 | | --- | | qidong@kysec.cn | | --- | | 证书编号：S0790522010002 | | 齐东（分析师） | 胡耀文（分析师） | 杜致远（联系人） | | --- | --- | --- | | qidong@kysec.cn | huyaowen@kysec.cn | duzhiyuan@kysec.cn | | 证书编号：S0790522010002 | 证书编号：S07905 ...

批复显示，同意自即日起2年内开展北京城市副中心、苏南重点城市、杭甬温、合肥都市圈、福厦泉、 郑州市、长株潭、粤港澳大湾区内地九市、重庆市、成都市等10个要素市场化配置综合改革试点。 国家发展改革委副主任李春临在同日举行的国务院政策例行吹风会上表示，国务院批准开展要素市场化 配置综合改革试点的10个地区，是发展基础较好、经济增长支撑作用强的城市群、都市圈或者中心城 市，改革基础条件较好，也具有较强代表性。各地区试点方案总体结构基本一致，但具体改革措施因地 制宜，各有侧重，围绕激发技术要素创新活力，推进土地要素集约高效配置，引导人力资源要素合理流 动，加快培育和完善数据要素市场，增强资本要素服务实体经济能力，健全资源环境市场制度建设，全 面提高要素协同配置效率等提出了一系列改革举措。试点方案自批复起实施2年时间，预计2027年完成 试点任务。 土地作为重要的生产要素，在支撑和保障经济社会发展中，发挥着重要作用。自然资源部自然资源开发 利用司司长孔维东表示，开展要素市场化配置综合改革试点，其中一项重要任务就是在原有工作基础上 继续深化实践探索，不断提高土地要素市场化配置水平。部分试点地区的探索内容主要包括三个方面： ...

Core Viewpoint - The State Council of China has approved a pilot program for the market-oriented allocation of factors in ten regions, aiming to enhance economic growth and resource efficiency over the next two years [1] Group 1: Pilot Program Details - The pilot program will be implemented in ten regions, including Beijing's urban sub-center, key cities in southern Jiangsu, and the Guangdong-Hong Kong-Macao Greater Bay Area, among others [1] - The program focuses on stimulating technological innovation, promoting efficient land allocation, guiding human resource mobility, and enhancing the capital factor's service to the real economy [1][2] Group 2: Land Management Reforms - The pilot will grant greater autonomy in land resource management to participating regions, allowing them to match new construction land with population trends [2] - Innovations in industrial land supply will include long-term leasing, flexible supply periods, and support for the conversion of different types of industrial land [2] Group 3: Revitalizing Idle Land - The program aims to activate idle and inefficient land through defined standards and encourage the redevelopment of low-efficiency urban land [2][3] - As of August, 26 provinces have announced plans to use special bonds to acquire idle land, with a total amount exceeding 610 billion yuan [3] Group 4: Future Directions - The Ministry of Natural Resources will guide pilot regions to explore and promote the orderly flow and efficient allocation of land factors, supporting the establishment of a high-level socialist market economy [4]

北京商报讯（记者 和岳）9月11日，自然资源部自然资源开发利用司司长孔维东在国务院政策例行吹风 会上表示，自然资源部将指导要素市场化配置综合改革试点地区结合本地区的实际工作，积极探索、稳 步推进，促进土地要素有序流动与节约高效配置。在盘活传统土地和低效用地再开发方面，自然资源部 将细化完善低效用地认定标准，推动城镇低效用地腾退和主动退出，推进国有企事业单位存量土地的盘 活利用，鼓励采取市场化方式来盘活存量闲置土地，进一步提高土地节约、集约利用水平。 ...

人民财讯9月11日电，9月11日，自然资源部自然资源开发利用司司长孔维东在国务院政策例行吹风会上 表示，自然资源部将指导要素市场化配置综合改革试点地区结合本地区的实际工作，积极探索、稳步推 进，促进土地要素有序流动与节约高效配置。在盘活传统土地和低效用地再开发方面，自然资源部将细 化完善低效用地认定标准，推动城镇低效用地腾退和主动退出，推进国有企事业单位存量土地的盘活利 用，鼓励采取市场化方式来盘活存量闲置土地，进一步提高土地节约、集约利用水平。 ...

"十四五"以来中国累计处置闲置土地面积500余万亩 中新社北京9月10日电 (记者 庞无忌)中国自然资源部部长关志鸥10日在北京透露，"十四五"以来中国累 计处置闲置土地面积500余万亩。 当日，国务院新闻办公室举行"高质量完成'十四五'规划"系列主题新闻发布会。关志鸥在发布会上表 示，自然资源部创新国土空间规划管理，引导用地结构优化、功能转换，推动盘活存量闲置土地。"十 四五"以来，累计处置闲置土地面积500余万亩，完成低效用地再开发171万亩。其中，上海、江苏、浙 江等省(市)的存量土地供应已占比过半。 作为提升国土空间利用效率的重要方式，广东、浙江等地扎实推进全域土地综合整治。关志鸥透露，目 前全国已经累计完成整治面积超过1000万亩，建成了一批宜居宜业和美乡村。(完) 来源：中国新闻网 编辑：张澍楠 广告等商务合作，请点击这里 本文为转载内容，授权事宜请联系原著作权人 中新经纬版权所有，未经书面授权，任何单位及个人不得转载、摘编或以其它方式使用。 关注中新经纬微信公众号(微信搜索"中新经纬"或"jwview")，看更多精彩财经资讯。 他透露，中国坚持做优增量、盘活存量，严格管控新增建设用地规模。"十四 ...

Core Viewpoint - The pace of using special bonds to acquire idle land has significantly accelerated across various regions since the second quarter of this year, with nearly 3,000 parcels of land totaling over 1.33 billion square meters and exceeding 350 billion yuan in total amount being publicly announced for acquisition [2][3]. Special Bonds and Idle Land Acquisition - The revival of special bonds for land acquisition was proposed in the second half of 2024, with the Politburo meeting in September emphasizing support for revitalizing idle land and the State Council mentioning the allowance of special bonds for land reserves in October [2]. - The reissuance of land reserve special bonds comes after a five-year hiatus since 2019, driven by specific challenges in the real estate sector, including a significant amount of idle land due to the dual downturn in the housing and land markets [2][3]. Government Actions and Statistics - As of May 20, 2023, 23 provinces and cities have announced plans to recover land, with Guangdong leading with a proposed total amount exceeding 650 billion yuan [3][4]. - The number of publicly announced land parcels has increased significantly, with over 1,500 parcels announced in April alone, surpassing the cumulative total from the first three months of the year [3][4]. Land Parcel Characteristics - The majority of the land parcels targeted for acquisition were sold between 2020 and 2024, with residential land accounting for approximately 65% and commercial land for about 25% of the total [4]. - Over 80% of the land parcels belong to local state-owned enterprises, while central and private enterprises account for less than 20% [5]. Market Implications - The theoretical building area of the proposed residential land acquisition exceeds 1.3 billion square meters, which could potentially reduce new housing supply and lower inventory cycles in lower-tier cities if successfully implemented [7]. - However, the actual issuance of special bonds for land acquisition remains low, with only about 15% of the proposed total amount being issued as of May 20, indicating a need for acceleration in the bond issuance process [8]. Recommendations for Improvement - It is suggested that local authorities expedite the conversion of proposed land acquisitions into actual acquisitions and refine the data on land ownership, regional distribution, and development progress to enhance the precision and operability of policies [8].

以下文章来源于申万宏源固收研究 ，作者黄伟平 张晋源 申万宏源固收研究 . 申万宏源证券研究所债券研究部 【申万宏源债券】黄伟平 张晋源 摘要 1）2001-2015年，土储贷款是土地储备的主要来源；2） 2015年以来，地方政府债务管控规范化背景下，土储贷款被叫停；3）2017年土储专项债正式启 动，2017年-2019年间密集发行，成为土储资金的重要来源；2019年9月-2024年10月，土储专项债被叫停发行；4）2024年9月，房地产承压、城投托底压 力上升背景下，2024年10月12日国新办新闻发布会提及"允许专项债券用于土地储备"，土储专项债正式重启。 2024年10月12日，国新办发布会提及"允许专项债券用于土地储备"，土储专项债自2019年9月国常会被叫停以来，时隔五年重启发行。土储专项债缘何 被叫停，又为何重启，土地市场下行背景下能带来怎样的增量支持，本文尝试分析： 2001年我国土储制度正式确立以来，土储资金来源经历了几轮变革： 本轮土地储备专项债的核心特征： 1）收储对象与之前的土储专项债有明显区别： 主要包括 "企业无力或无意愿继续开发、已供应未动工的房地产用地，以及其他符合收回收购条件 ...

1. Report Industry Investment Rating No information provided in the given content. 2. Core Viewpoints of the Report - The resumption of land reserve special bonds is expected to provide financial support for local governments to acquire and recycle land, improve the financial situation of real - estate enterprises, and promote the stabilization of the real - estate market from the land side [72]. - More regions are expected to follow the practices of provinces that have issued special bonds, and the issuance speed of land reserve special bonds is likely to accelerate. However, the policy effects need further observation due to issues such as mortgage - debt relationships and acquisition pricing [3][72]. 3. Summary According to the Table of Contents 3.1 Local Government Special Bond Investment Areas Have Expanded - Local government bonds are classified into general bonds and special bonds based on repayment sources. In 2024, local government special bonds totaled 7.7 trillion yuan in issuance, with 4.0 trillion yuan in new special bonds and 3.7 trillion yuan in refinancing special bonds. By the end of 2024, the balance of special bonds was 30.8 trillion yuan, accounting for 65% of local government debt [12]. - The investment areas of special bonds have expanded. In 2025, four new investment areas were added, including supporting the acquisition of existing commercial housing, revitalizing idle land, developing infrastructure for emerging strategic industries, and renovating old urban areas [15]. - From 2019 - 2024, the areas with relatively high investment of new special bonds were municipal and industrial park infrastructure, shantytown renovation, and healthcare, with scale proportions of 27.4%, 13.4%, and 7.2% respectively [15]. 3.2 Historical Review of Land Reserve Special Bonds - Before 2016, land reserve institutions could borrow land reserve loans from banks. In 2016, borrowing land reserve loans from banks was suspended, and land reserve funds were raised through channels such as local government special bonds, state - owned land revenue funds, and land transfer revenues [24][26]. - Land reserve special bonds were officially launched in 2017 and suspended in September 2019. From July 2017 to September 2019, a total of 426 land reserve special bonds were issued, with a total amount of 1491.4 billion yuan [30][31]. 3.3 Relevant Policies and Background for the New Round of Resuming Land Reserve Special Bonds - Since 2024, central meetings have introduced policies to support the revitalization of idle land. In October 2024, the Ministry of Finance allowed special bonds to be used for land reserve [35]. - In November 2024, the Ministry of Natural Resources issued a notice providing specific guidance on using special bond funds to acquire idle land, aiming to reduce the scale of idle land, improve the land supply - demand relationship, and promote the stabilization of the real - estate market [36]. - In March 2025, the Ministry of Natural Resources and the Ministry of Finance jointly issued a new regulation on land reserve special bonds, clarifying requirements for bond issuance and fund use [37]. 3.4 Progress of Local Plans to Use Special Bonds to Acquire Idle Land - As of April 10, according to incomplete statistics from the China Index Academy, 848 parcels of idle land were planned to be acquired with special bonds, with a total area of over 40 million square meters and a total amount of 128.2 billion yuan. The pace of announcements has accelerated since March [46]. - Fourteen out of 31 provinces and municipalities have announced plans to use special bonds to acquire idle land. Guangdong Province leads with a planned acquisition amount close to 50 billion yuan [47]. - Among the announced parcels, residential land accounts for 63.5%, commercial and office land for 25.8%, and industrial land for 7.3%. Most of the acquired land was transferred between 2020 - 2024 [52]. 3.5 Issuance of Land Reserve Special Bonds for Acquiring Idle Land - As of April 10, Guangdong, Sichuan, and Hunan have issued special bonds for acquiring idle land, with a total amount of approximately 40.2 billion yuan, covering 166 projects [3][54]. - Since February, Beijing has issued special bonds involving 25 land reserve projects, with a total issuance of 11.687 billion yuan, mainly for primary land development [60]. - In March, Sichuan issued special bonds involving 3 land reserve projects, with 330 million yuan used to acquire 2 parcels of idle land in Chengdu and Yibin [68]. - In April, Hunan issued land reserve special bonds worth 9.415 billion yuan, accounting for 41.5% of the provincial special bond funds for project construction [71]. 3.6 Investment Suggestions - The resumption of land reserve special bonds can support local governments in land acquisition and recycling, improve the financial situation of real - estate enterprises, and promote the stabilization of the real - estate market [72]. - More regions are expected to follow the practices of provinces that have issued special bonds, and the issuance speed of land reserve special bonds is likely to accelerate. However, the policy effects need further observation, and it is recommended to pay attention to relevant local state - owned enterprises and developers [3][72].