高频｜杭州新房销售回暖，开工率大多下行 分析师 孙彬彬 SAC 证书编号：S0160525020001 sunbb@ctsec.com 分析师 隋修平 SAC 证书编号：S0160525020003 suixp@ctsec.com 联系人 许帆 xufan@ctsec.com 相关报告 1. 《固收 + ，加什么？ — — 资产篇》 2025-11-19 2. 《量化 | 美债利率择时模型——布局海 外的利器！》 2025-11-18 3. 《信用 | 农商折价、天安违约，金融风险 再观察》 2025-11-18 证券研究报告 固收定期报告 / 2025.11.22 核心观点 请阅读最后一页的重要声明！ ❖ 本周主要关注点：（1）本周新房销售同比降幅有所收窄，二线城市新房形成 支撑，其中杭州新房销售表现亮眼，或受新房折价销售和集中供应影响。10 月底，杭州开展"购房+消费券"补贴活动，购房者购买参与活动的新房项目 每套房可获得额外 10 万元消费券。（2）商品价格和开工率大多下行，淡季生 产端比较平稳，关注前期政策落地情况；（3）地铁出行、国内执行航班持续 保持高位，居民出行动能依旧偏强。 ❖ 本周新房销售同 ...

Group 1 - The overall economic operation remains stable, with a temporary pause in the impact of holidays and tariffs [1] - Post-holiday consumption of goods and services has seen a decline, while investment in infrastructure is slowing down and real estate is under pressure, although construction progress is marginally accelerating [1] - Port operations are returning to normal, with a short-term increase in freight rates followed by a relief in tight shipping capacity [1] Group 2 - Production indicators in industries such as coal, electricity, steel, and automobiles have shown a year-on-year decline [1] - There is a continuous reduction in coal inventory, while the PTA industry chain exhibits a divergence in inventory levels between upstream and downstream [1] - Consumer prices for most goods have risen, while most industrial products have decreased in price, with only slight increases in crude oil and construction-related materials like asphalt and copper [1] Group 3 - After the month-end, liquidity conditions have improved with a decline in funding rates, and the renminbi has appreciated [1]