从累计数据来看，今年上半年百强房企累计销售操盘金额为16526.8亿元，累计同比下降10.8%，降幅较 1-5月有所扩大。 与此同时，百强房企梯度分化明显。2025年6月仅TOP30房企销售操盘金额门槛同比增长1.2%至119.8亿 元，其他各梯队房企的销售操盘金额门槛均有所降低。 值得注意的是，上半年，全口径销售金额超千亿的房企数量为3家，较去年上半年减少2家。 而这3家"千亿房企"分别为保利发展、中海地产、华润置地，全口径销售金额分别为1452亿元，1201.3 亿元、1103亿元。其中，保利发展在今年前5月以1161亿元持续领跑，也成为年内首个销售额破千亿元 的房企。 百强房企最新"成绩单"出炉。 此外，上半年全口径销售金额超百亿的房企共有45家，比2024年上半年少了1家。 6月30日，据克而瑞研究中心发布，今年6月，TOP100房企实现单月销售操盘金额3389.6亿元，环比增 长14.7%。 具体来看，近六成百强房企单月业绩环比增长，其中28家企业单月业绩环比增幅大于30%。如中海地 产、华润置地、招商蛇口、中国金茂、越秀地产、中国铁建、绿地控股等房企，单月业绩环比提升。 另有分析人士称，促进市场持 ...

最近，越来越多的城市推出低容积率优质住宅用地。在业内人士看来，优质地块也在一定程度上刺激房 企拿地的热情。 6月3日，据深圳市规划和自然资源局消息，深圳拟挂牌出让多宗居住用地，相关地块于2025年5月至8月 陆续发布出让公告。 据悉，此次拟出让用地均为二类居住用地，包括龙华区民治街道佳民路与民塘路交叉口A817-0619宗 地，土地面积1.09公顷，容积率2.5，起始价8.27亿元；光明区光明街道华夏路与周家大道交叉口A509- 0074宗地，土地面积3.50公顷，容积率3.1，起始价19.94亿元。上述宗地项目均以"交地即交证""交房即 发证"模式推出，且不限售价、无70/90户型限制，无配建保障房，以"价高者得"决定竞得人。龙华区民 治街道新区大道与金龙路交叉口A802-0309宗地，土地面积2.18公顷，公告待发布。 此外，根据深圳市规划和自然资源局印发实施《深圳市2025年度建设用地供应计划》，深圳全市(含前 海、深汕)2025年度计划供应建设用地1060公顷，本年度将大幅增加产业用地供应，为深圳经济高质量 发展筑基；足量供应居住和公配等民生用地，灵活安排供应时序，实现各类用地精准供应。居住用地方 面 ...

Core Insights - In the first five months of 2025, the top 100 real estate companies in China acquired land worth 405.19 billion yuan, marking a year-on-year increase of 28.8%, with the growth rate expanding by 2.2 percentage points compared to the previous month [1] - The majority of land acquisition was dominated by state-owned enterprises, with eight out of the top ten companies being state-owned [1] - Notable private enterprises such as Binjiang Group and Bangtai Group also showed significant investment activity, ranking among the top twenty in land acquisition [1] Land Acquisition Rankings - The top three companies in land acquisition amounts are Greentown China (34.1 billion yuan), Poly Development (32.9 billion yuan), and China Overseas Property (28.3 billion yuan) [2] - The top ten companies collectively acquired land worth 1.1 trillion yuan, accounting for 41.8% of the total land acquisition by the top 100 companies [14] Market Trends - The residential land transaction volume across 300 cities in China reached 1.3 million square meters, showing a slight year-on-year decline, while the land transfer fees increased by over 20% [15] - Core cities continue to see high demand for quality land, with significant premium rates observed in cities like Hangzhou and Chengdu [15] - The land acquisition strategy of real estate companies is increasingly focused on projects with high revenue certainty and quick cash flow recovery [15] Regional Insights - The Yangtze River Delta region leads in land acquisition, with the top ten companies acquiring 125.27 billion yuan worth of land, followed by the Beijing-Tianjin-Hebei region at 73.4 billion yuan [19] - Major companies are concentrating their land acquisition efforts in key cities such as Beijing, Shanghai, and Chengdu, reflecting a strategic focus on high-potential markets [23] High-Value Land Transactions - In May, several high-value land parcels were sold in cities like Beijing and Shanghai, with the highest transaction being a plot in Haidian District, Beijing, sold for 4.5 billion yuan [27] - State-owned enterprises dominated the acquisition of high-value land parcels, with Poly Development and Poly Real Estate Group being prominent players [27]

（文章来源：经济日报） 集防水、可拆卸等功能于一体的卫浴系统，每一块地板在维修时都能方便打开；多功能的智能客厅，可 一键变身成为影音娱乐厅；采用了绿色建材的超低能耗住宅，冬天更保暖、夏天更凉快……"好房子"带 来的舒适与便利，没人不想拥有。今年的《政府工作报告》提出，"适应人民群众高品质居住需要，完 善标准规范，推动建设安全、舒适、绿色、智慧的'好房子'"。近日召开的中央政治局会议提出"加大高 品质住房供给"，释放出鲜明的政策信号。未来，如何让"好房子"更加深入人心，值得关注。 加快"好房子"建设，标准规范要先行。于5月1日起实施的《住宅项目规范》（以下简称《规范》），以 住宅项目整体为对象，在规模、布局、功能、性能和关键技术措施等方面，对住宅项目的建设、使用和 维护作出明确规定。要求新建住宅层高不低于3米，规定四层及以上住宅必须设置电梯，提高住宅隔声 性能要求，提升住宅日照标准……《规范》以国家标准的形式为"好房子"建设划出了底线，也体现了政 策制定中技术理性与人文关怀的融合。 建设"好房子"直接关系到人民群众的获得感、幸福感，对于扩内需、稳增长也有重要作用，不仅要建好 新房子，也要改造好老房子。我国正在积 ...

Investment Rating - The report maintains a "Positive" investment rating for the real estate industry [13]. Core Insights - Increasing the supply of high-quality housing is expected to positively impact consumer demand and stabilize land finance. Housing serves as both an investment and a consumer good, with high-quality housing representing a new consumption category that can alleviate pressures from oversupply and income expectations [2][10]. - The policy goal of stabilizing the market is becoming more proactive, with improved market expectations. The rapid decline in industry volume and price may have passed, highlighting structural opportunities in core areas and quality properties [6][10]. - The report emphasizes the importance of high-quality housing supply in opening up new market space amid weak overall supply-demand dynamics, which is crucial for boosting consumer demand and stabilizing land finance [10]. Market Performance - The Yangtze River Real Estate Index decreased by 1.13% this week, underperforming the CSI 300 by 1.51%, ranking 30 out of 32 industries. Year-to-date, the index is down 3.74%, with a slight outperformance of 0.02% relative to the CSI 300 [7][16]. - The performance of the development sector was primarily negative, while property management and rental sectors saw some gains [7]. Policy Developments - The Central Political Bureau meeting highlighted the need to increase the supply of high-quality housing and optimize existing property acquisition policies. Local policies, such as Xiamen's new housing voucher initiative, aim to enhance flexibility and efficiency in housing choices [8][18]. - The report notes that the focus on urban renewal and the construction of a new real estate development model is crucial for maintaining market stability [10][18]. Sales Data - In sample cities, new home sales showed a year-on-year decline of 6.8%, while second-hand home sales increased by 20.1%. Year-to-date, new home sales are up 1.0%, and second-hand sales are up 29.3% [9][19]. - The report indicates that the sales performance of new homes is under pressure, while second-hand homes are performing relatively well [9][19].

很多人都在期待昨天的政治局会议，而我也是在会议通稿出来之后第一时间详细查看。 今年的开会时间比以往早了几天，开的出来上面已经很着急了。 经过一天的沉淀，今天我们就好好聊一聊这次会议对未来楼市的影响。 昨天高层会议对房地产的最新定调，既没有"大水漫灌"的刺激，也未释放"房价暴涨"的信号，反而透露 出更务实的逻辑：用结构性手段稳住大盘，而非全面点火。 房票2.0：旧改背后的库存攻坚战 城中村改造的"货币化安置"早已不是新鲜词，但今年的玩法升级了——房票安置正从"区域限定版"升级 为"全城通兑"。 厦门是典型案例：自2024年底推行房票政策以来，4个月内撬动购房资金超100亿元，消化新房31.7万平 方米，占同期新房成交量的40%。 品质突围：好房子能拯救楼市吗？ 更关键的是，房票从"只能买新房"扩展到"可购二手房"，甚至允许跨区域使用，这种"以旧换新+去库 存"的组合拳，直接激活了存量市场流动性。 "加大高品质住房供给"被写入政策，背后是赤裸裸的市场现实：刚需萎缩，改善接棒。2025年一季度， 一线城市改善型住房成交占比达58%，而刚需仅占32%。 为迎合这一趋势，政策从土地端发力——北京、杭州等地核心地块容积率 ...

2025 年 04 月 27 日 房地产 持续巩固房地产市场稳定态势 周观点：持续巩固房地产市场稳定态势 本周，政治局会议召开，聚焦当前经济形势和经济工作。房地产方面， 会议强调加力实施城市更新行动、加大高品质住房供给，持续巩固房 地产市场稳定态势。 我们认为，2025 年以来，房地产市场销售呈现逐步改善，新房价格企 稳、二手房交易回升下，房地产行业风险逐渐收敛，政治局会议定调 政策方向处于宽松之下，行业的基本面改善驱动板块的投资机会。建 议关注困境反转类房企：金地集团、新城控股等；保持拿地强度的龙 头招商蛇口、绿城中国、保利发展、滨江集团等；多元经营稳健发展 的地方国企浦东金桥、外高桥等。 销售回顾（4.19-4.25） 重点监测 32 城合计成交总套数为 1.4 万套，环比上周增长 9.1%； 2025 年累计成交总套数为 24.9 万套，累计同比下降 2.9%。其中，一 线城市成交 4251 套，环比上周增长 4.9%，2025 年累计成交 7 万套， 累计同比增长 12.2%；二线城市成交 8452 套，环比上周增长 13.3%， 2025 年累计成交 14.8 万套，累计同比下降 8.8%；三线城市 ...

Investment Rating - The report rates the real estate industry as "Outperforming the Market" [1] Core Insights - The central political bureau meeting on April 25, 2025, emphasized the importance of "urban renewal" as a significant factor for the real estate market, indicating that stabilizing the real estate market is crucial for expanding domestic demand [1][5] - The meeting highlighted the need to accelerate the implementation of urban renewal actions, effectively and orderly promote the renovation of urban villages and dilapidated housing, and increase the supply of high-quality housing [5][8] - The report anticipates that the demand for "good houses" will drive sustainable development in the industry, with a focus on safety, comfort, and green living standards [5][8] Summary by Sections Policy and Market Dynamics - The report discusses the implementation of more proactive macro policies, including the issuance of local government special bonds and the potential for interest rate cuts to maintain liquidity [5][8] - It notes that as of April 10, 2025, approximately 850 projects for acquiring idle land have been proposed, covering over 40 million square meters and amounting to 128.2 billion yuan [5] Urban Renewal and Housing Quality - The report emphasizes that urban renewal will be a key policy focus for the year, with a significant portion of the existing housing stock eligible for renovation [5][8] - It states that about 31.9% of the existing urban residential stock was built before 2000, indicating substantial potential for urban renewal projects [5] Market Stability and Investment Opportunities - The report indicates that the real estate market has shown signs of stabilization, with average sales prices for commercial housing increasing by 0.7% and 0.9% year-on-year in Q4 2024 and Q1 2025, respectively [5][8] - It suggests that the market's stability will depend on the effective implementation of supportive policies in the second quarter of 2025 [5][8] - The report identifies four main investment lines: companies with strong fundamentals in core cities, smaller firms with significant breakthroughs, companies with strategic changes, and real estate brokerage firms benefiting from the recovery of the second-hand housing market [5]