10月底，二十届四中全会闭幕后发布的"十五五"规划草案中，有一段话引起了很多人的关注，规划提出 要大力提振消费，清理汽车、住房等消费领域不合理的限制性举措。 这句话虽然没有直接点名，但结合当前房地产市场的情况，很明显是在说限购政策，北上深等一线城市 的限购政策，可能真的要迎来历史性转折了。 北京的限购政策最早可以追溯到2010年到2012年那段时间，当时一线城市人口多，住房供应不足，房价 涨得很快。 为了抑制房价上涨，保障刚需购房者的需求，限购政策应运而生，2017年左右，限购政策还进一步加 码。 当时全国房价大涨，一线城市涨得最凶，社会上对高房价的讨论很激烈，加码限购的做法得到了不少人 的支持。 但2021年之后，情况变了，全国房价开始调整，一线城市也没能例外，到2025年三季度末，北上广深的 房价比之前的高点已经跌了约30%，有些区域跌得更多。 今年4月开始全国一二三四线城市的二手房价都在持续调整，而一线城市在所有一二线城市中反而跌得 最明显。 今年9月国家统计局公布的数据显示，70个大中城市中，新建商品住宅价格环比下降的城市有67个，二 手住宅价格环比下降的城市有68个。 一线城市的二手房价格环比下降0 ...

Core Insights - The real estate industry is experiencing a wave of executive changes, particularly among state-owned enterprises and major players [1][5][6] - Recent adjustments in leadership are seen as a response to changes in the real estate sales market and the need for companies to adapt their operational strategies [1][5][6] Group 1: Executive Changes - On November 14, China Merchants Shekou announced the resignation of Jiang Tiefeng from his roles as non-executive director and chairman, with Zhu Wenkai appointed as his successor [1] - On November 13, Dalong Real Estate reported that Chairman Li Wenjiang resigned due to work adjustments, with Zhao Changsong appointed as acting chairman [3] - Five Mining Real Estate also announced leadership changes on the same day, with He Jianbo resigning and Dai Pengyu appointed as acting chairman [3] Group 2: Market Adaptation - The frequency of executive changes has increased as the year-end approaches, indicating a shift in corporate strategies in response to market conditions [1][5] - According to Yan Yujin from Shanghai Yiju Real Estate Research Institute, these personnel adjustments reflect the need for companies to align with market changes and internal operational adjustments [1][5] Group 3: Central State-Owned Enterprises - Central state-owned enterprises are at the forefront of these leadership changes, with key positions such as chairman and general manager being affected [5][6] - The adjustments are often due to work reallocations and personal reasons, highlighting the higher scrutiny and requirements for performance in these enterprises [6] Group 4: Cross-Group Movements - Recent trends show an increase in cross-group movements among executives, such as Xu Rong's appointment as chairman of China Resources Land after previously serving in various roles within the group [8] - The movement of executives like Wu Bingqi from China State Construction to China Overseas Land and Investment is aimed at leveraging cross-sector management experience to enhance business integration [8][9] Group 5: Industry Transformation - The real estate sector is transitioning from rapid expansion to a focus on refined operations, resource integration, and risk management, with state-owned enterprises leading this transformation [9] - The new generation of executives is expected to drive change and adapt to the evolving market landscape, reflecting a strategic shift in organizational and talent structures [9]

Core Insights - Berkshire Hathaway disclosed its first investment in Alphabet during Q3, while further reducing its stake in Apple [1][3] Group 1: Berkshire Hathaway's Investment Activity - As of the end of Q3, Berkshire held a total of 41 stocks in the U.S. market, with a total market value of $267 billion, an increase from $258 billion in the previous quarter [2] - Berkshire purchased approximately 17.85 million shares of Alphabet, valued at about $4.34 billion, making it the tenth largest holding, accounting for 1.62% of the total portfolio [2][3] - The top ten holdings of Berkshire account for 86.69% of its total U.S. stock portfolio [2] Group 2: Changes in Other Holdings - Berkshire reduced its stake in Apple by approximately 41.79 million shares, a decrease of over 14.92% from the previous quarter, but still holds over 238 million shares valued at approximately $60.66 billion, making Apple its largest holding [3] - Additionally, Berkshire sold approximately 37.20 million shares of Bank of America, reducing its holding percentage from 11.12% to 10.96% [3] - The company completely exited its position in D.R. Horton, a major U.S. homebuilder, selling all 1.4854 million shares [3] Group 3: Alphabet's Financial Performance - Alphabet reported Q3 revenue of approximately $102.3 billion, a year-over-year increase of about 16%, with cloud service revenue reaching approximately $15.2 billion, up 34% [3] - The net profit for Alphabet in Q3 was approximately $35 billion, reflecting a year-over-year growth of about 33%, with earnings per share at approximately $2.87 [3] Group 4: Management Transition - Warren Buffett announced on November 10 that he would no longer write Berkshire's annual report, indicating a transition in management as the company builds its position in Alphabet [3]

2025年11月14日，第二十七届高交会C³未来建筑大会开幕式暨招商蛇口好房子品质标准发布会在深圳国际会展中心（宝安）红树林C厅隆重启幕。 高交会深度赋能，政企共话"好房子"未来 招商蛇口总经理聂黎明在致辞中表示："国家所需，招商所能。'招商好房+'品质标准是公司46年深耕人居领域的系统化实践总结，旨在为'住有所居'向'住 有优居'的转型贡献央企样本。"作为本次活动的重磅环节，招商蛇口正式发布"招商好房子"品质标准及"招商好房+"品牌"，将宏观政策转化为可执行、可 感知的人居解决方案，成为央企响应国家号召、推动"好房子"政策落地的典范。招商蛇口总经理聂黎明表示，国家所需，招商所能。招商蛇口好房子品质 标准不仅是招商蛇口对新时代理想人居的深刻洞察，更是46年来对美好人居内涵与外延持续探索的系统化实践总结，深度诠释了品牌 "美好生活承载者" 的使命，为国家 "好房子" 建设政策落地提供了宝贵的央企样本，也为行业从"住有所居"向"住有优居"的深刻转型指引了方向。 "招商好房子" 技术体系，绝非简单的功能叠加，而是一个超越国家标准、直抵人心的系统性人居解决方案，它完整地回答了"新时代的好房子应该是什么 样的"这一核心 ...

Core Insights - The recent surge in the acquisition of existing commercial housing for affordable housing projects indicates a new "market + guarantee" model in real estate development is taking shape [1][2] Group 1: Project Developments - In Zhongshan, Guangdong, six projects have submitted applications for acquiring nearly 1,500 units of existing housing for affordable housing since the pilot program began in late September [1] - Hangzhou has expanded its efforts, with a new round of housing collection initiated by Hangzhou Anju Group, targeting eight urban districts and focusing on areas near transportation hubs and public facilities [1] - In Chongqing, two new projects have been launched, providing over 520 units of existing housing for affordable rental housing, reflecting the city's commitment to a dual rental and purchase housing system [1] Group 2: Funding Mechanisms - Recent re-loan policies for affordable housing have been crucial for project implementation, with Chongqing's branch of the People's Bank of China facilitating a loan of 152 million yuan for the acquisition of 226 units [2] - Changde in Hunan has successfully completed its first county-level loan for acquiring existing housing for affordable housing, marking a significant step for non-provincial capital cities in the region [2] - Special funds are also being utilized to accelerate acquisitions, with Jingmen in Hubei applying for 10 projects and proposing a special bond issuance of 470 million yuan [2] Group 3: Policy and Market Implications - Policy emphasis is on optimizing the supply of affordable housing and regulating the rental market, with low-cost funding sources like special bonds aiding in the acquisition of existing housing [3] - Various regions are supporting initiatives to provide housing guarantees for young entrepreneurs and talent, alleviating the rental burden on these groups [3] - The approach of acquiring and renting out existing housing can help balance the supply structure of affordable housing and create a healthier cycle in the real estate market [3]

@龙湖在陕西 据西安龙湖地产发展有限公司通报：11月17日上午11点16分，龙湖长乐天街商业项目吊顶发生约30平方 米的局部石膏板脱落，造成8人受伤，其中3人骨折，4人轻伤，1人脚部轻微伤。事故发生后，伤者已第 一时间送往医院救治，目前所有伤者伤情平稳。 目前，我项目已停业整顿，新城区相关部门已成立事故调查组、医疗救助组、善后处理组同步开展工 作。我们将全力配合政府做好事故调查，积极做好医疗救助和善后处理工作，全面排查整改项目安全隐 患。 智通财经2025-11-17 18:20:28 此次事故的发生，我们深感愧疚与自责，向受伤人员及家属致以最诚挚的歉意，我们已安排专人跟进伤 者后续治疗、关怀和赔偿事宜。 本 期 编 辑 邢潭 ...

2025.11. 17 本文字数：1344，阅读时长大约2分钟 作者 | 第一财经 孙梦凡 待计划生效后，大悦城地产在联交所的上市地位，预期将于11月27日正式撤销。 大悦城地产是中粮集团旗下的商业地产平台。截至2024年末，大悦城地产布局了全国五大城市群， 拥有或管理32个大悦城、大悦汇和其他商业项目，以及一线城市投资物业、销售物业、多地豪华酒 店等。 目前，中粮集团的地产平台还有A股上市的大悦城控股，大悦城地产是大悦城控股的并表子公司。这 种"A控红筹"的架构，在业内不算特别普遍。 今年七月底，大悦城控股正式宣布，大悦城地产将通过协议安排的方式回购股份，并计划在香港联交 所撤销上市地位，回购的总代价约29.32亿港元。 在业内看来，股票流动性低、融资功能受限、当前架构增加了公司治理复杂性等原因，是大悦城地产 选择私有化的主要原因，也能为投资者提供退出机会。 在股权结构方面，协议安排前，大悦城控股集团股份有限公司持股64.18%，得茂持股2.58%，计划 股东持股33.24%。协议安排后，大悦城控股集团股份有限公司持股比例将增至96.13%，得茂持股 3.87%。 2013年上市、2025年私有化，这家地产 ...

1. Report Industry Investment Rating - No industry investment rating information is provided in the report. 2. Core Viewpoints of the Report - The current strategy for credit bonds is to focus on coupon hunting, which is superior to the duration strategy. The main areas for exploration include medium - and low - quality urban investment bonds and some entities with a large convexity in the yield curve [5][8]. 3. Summary According to the Table of Contents 3.1 Credit Bond Weekly Viewpoint - The bond market was dull last week, lacking a trading theme. Credit bonds showed a hesitant performance, and the previous downward trend in yields paused. Looking ahead, positive factors for credit bonds include the concentrated opening period of amortized - cost - based open - end bond funds, stable liquidity, and the approaching time for year - end allocation to build coupon positions for the next year. Negative factors include the halt of the rapid decline in yields, a continuous drop in turnover rate, the uncertainty of the public - offering fee regulation, and potential disturbances from the stock market [5][8]. 3.2 Credit Bond Weekly Review 3.2.1 Negative Information Monitoring - There were no cases of bond defaults and overdue, no enterprises with their main ratings or outlooks downgraded, and no bonds with their debt ratings lowered from November 10 to November 16, 2025. However, several companies had significant negative events, such as Shaanxi Tourism Group Co., Ltd. receiving a warning from the inter - bank market, and many companies facing issues like debt defaults, regulatory warnings, and restrictions on high - consumption of their legal representatives [11][12]. 3.2.2 Primary Issuance - Issuance volume remained high, but the maturity volume increased significantly, leading to a reduction in net financing. From November 10 to November 16, credit bond primary issuance was 269.9 billion yuan, a 7% decrease from the previous period. The total repayment amount rose to 238.5 billion yuan, resulting in a net inflow of 31.4 billion yuan. The cost of primary issuance continued to narrow slightly, with the AA + level showing a more significant reduction. The average coupon rates for AAA and AA + were 2.10% and 2.15% respectively, with the former increasing by 1bp and the latter decreasing by 11bp [12][13]. 3.2.3 Secondary Trading - The valuations of credit bonds with various ratings and tenors fluctuated within a narrow range. Only low - grade and long - term bonds showed a slight narrowing. Credit spreads remained flat in the short term and widened passively in the medium - and long - term. The turnover rate continued to decline, dropping 0.18 percentage points to 1.69%. The spreads of most industries widened by 1bp, while the real - estate industry's spreads narrowed by 2bp. Among real - estate enterprises, the spreads of Times Holdings, Rongqiao, Vanke, and Yuzhou Hongtu widened the most [5][17][24].

近期，房地产行业迎来高层"换防潮"。 11月14日，招商局置地宣布，蒋铁峰辞去非执行董事、董事会主席及提名委员会主席的职务，由朱文凯 接任。就在前一日（11月13日），五矿地产也公告称，何剑波辞去执行董事、董事会主席等职务，并不 再担任授权代表，戴鹏宇被任命为董事会代理主席。 《每日经济新闻》记者（以下简称"每经记者"）注意到，自9月以来，已有包括招商蛇口、万科、华润 置地、华侨城等多家头部房企密集披露核心岗位人事调整信息。从整体调整情况来看，央国企及国资主 导企业成为核心主体。 11月17日，上海易居房地产研究院副院长严跃进在接受每经记者微信采访时表示："当前房地产销售市 场出现了一些变化，企业本身的经营成本、战略目标也会相应进行调整，管理层的人事调整正是基于市 场对企业的传导，进而在企业的内部出现了一些调整。" 核心岗位密集调整 临近年底，房企高层的人事调整步伐明显加快。 11月14日，招商局置地宣布，蒋铁峰因工作安排调动，辞去非执行董事、董事会主席及提名委员会主席 的职务；与此同时，朱文凯被委任为新的非执行董事、董事会主席及提名委员会主席，该变动自当日起 生效。 11月13日，大龙地产公告称，公司董事长 ...

院申请对公司进行重整，同时申请启动对公司的预重整程序。 廊坊中院决定受理对公司进行预重整。公司近日收到廊坊中院出具的《河北省廊坊市中级人民法院决定书》，廊坊中院依法指定华夏幸福司法重整清算组 担任公司预重整期间的临时管理人。 不过，廊坊中院受理公司预重整，不代表法院正式受理申请人对公司的重整申请。截至公告披露日，公司尚未收到法院关于受理公司重整申请的文件。该 申请能否被法院受理、公司后续是否进入重整程序，尚存在重大不确定性。 公告称，无论未来是否进入重整程序，公司均将在现有基础上积极做好日常生产经营管理工作。 向债权人发出债权申报通知 11月17日晚，华夏幸福公告，公司近日收到廊坊中院出具的《河北省廊坊市中级人民法院决定书》，依法指定华夏幸福司法重整清算组担任公司预重整期 间的临时管理人。同日，公司公告，临时管理人将根据有关规定开展华夏幸福预重整工作，向债权人发出债权申报通知。 当日，华夏幸福股价收报3.01元/股，实现"三连板"。 来源：同花顺 指定预重整期间临时管理人 华夏幸福11月17日晚披露关于法院指定公司预重整临时管理人的公告。公告显示，公司收到债权人龙成建设工程有限公司（简称"申请人"）送达的《告 ...