齐鲁晚报.齐鲁壹点隋忠伟通讯员陈红蕾梁启航 近日，日照市住建局正式印发《日照市住宅品质提升设计导则(试行)》(以下简称《导则》)，明确自 2026年1月1日起，全市新建住宅项目将全面执行这一涵盖11章124条内容的新标准。这是日照市落实国 家、省"好房子"建设工作部署，回应群众对美好居住生活新期待的重要举措，标志着当地住宅建设 从"有没有"向"好不好"的品质升级迈出坚实步伐。 《导则》编制过程中充分彰显"民有所呼、政有所应"的治理理念，广泛征求行业协会、相关部门、企业 及专家意见，历经多轮研讨完善，吸纳住宅质量易发问题治理先进经验，借鉴外地高品质住宅建设实践 成果，最终形成覆盖建筑、结构、给排水、电气、暖通、无障碍(适老化)、智能化、室外设施、绿化景 观、施工建造等全领域的技术规范体系，全面贯穿"安全、舒适、绿色、智慧"的核心设计理念。 在居住舒适度与安全性提升方面，《导则》作出一系列刚性规定与优化要求。针对市民关切的隔音问 题，明确高速公路、铁路等沿线首排住宅及紧邻小区汽车坡道的住宅，卧室、起居室(厅)外门窗计权隔 声量不小于35dB，分户墙采用不小于200mm厚混凝土墙或其他隔声效果达50dB以上的构造； ...

格隆汇1月7日｜标普全球一项备受关注的调查显示，英国住宅建设正以自新冠疫情首次封锁以来最快的 速度下滑，这表明工党政府旨在加速建筑业发展的目标正面临失败。12月标普全球建筑业采购经理人指 数从11月的39.4微升至40.1，但这仍是自2020年5月以来表现第二差的月份，且低于经济学家此前预期的 42.3。指数低于50即意味着行业处于萎缩状态。虽然整个建筑板块的下滑速度略有放缓，但住宅建设的 低迷状况却在恶化。住宅建设子指数从上月的35.4降至33.5，创下逾五年半以来的最低点，当时该行业 正处于新冠限制措施的重压之下。此前，工党为争取年轻选民，曾承诺在五年内建造150万套住房，但 目前看来这一目标极有可能落空。尽管政府正在放宽规划法规以刺激建设，但高利率和低迷的住房市场 已导致该计划偏离轨道。 ...

Joining us now here at Post9 is John Lvalo, senior US home building and building products equity research analyst at UBS. Uh John, any any thoughts on kind of what we could see from this this big new plan that could impact affordability. >> Thanks Leslie.Yeah, so I think there's a few things. It could be short-term, intermediate, and then housing emergency. In the short term, we could utilize the GSC's to subsidize mortgages, to buy more NBS for their portfolio, and to reduce G fees.G fees could be 60 basis ...

"亲眼看到新房封顶，心里的石头总算落地了！"昨天，蕃瓜弄小区旧住房改建（拆除重建）项目封顶现 场，专程赶来的居民李阿姨望着拔地而起的新楼，难掩激动。一旁，徐叔叔拿着手机拍摄封顶画面，忍 不住感慨道："从'滚地龙'到工人新村，再到现在的电梯房，街道和居委会一路帮我们解难题，我们虽 然搬出去了，但感觉从来就没离开过。" 配套设施同步建设 当日，随着最后一方混凝土浇筑完成，蕃瓜弄小区旧改项目提前两个月完成主体结构封顶，预计2027年 上半年迎接居民回搬。记者了解到，作为承载着1122证居民安居梦想的市级重点民生工程，蕃瓜弄项目 改建后将新建6幢多层和高层电梯住宅，提供1285套房源，配套地下车库约790个车位，实现人车分流。 社区卫生服务中心、社区综合为老服务中心、党群服务中心等9000平方米公共配套设施将同步建成，小 区绿化率提升至37%，双层中空玻璃、智能门锁等配置全面提升居住品质。 蕃瓜弄小区地处上海中心城区核心地段，紧邻上海火车站，占地约2.5万平方米，曾是上海人口密度最 大的棚户区。因"小梁薄板"结构缺陷，这里97种原始户型中最小仅6.5平方米，房屋老化、厨卫共用、 空间逼仄等问题日益凸显，居民改善居住条 ...

Financial Data and Key Metrics Changes - Total revenues for fiscal 2025 were over $6.2 billion, with net income of nearly $430 million, resulting in a 10% increase in book value per share [4][24] - In Q4 2025, total revenues were just under $1.7 billion, with adjusted diluted earnings per share of $1.92, and a 15% decrease in housing revenues [5][21] - Housing gross profit margin was 17%, with adjusted housing gross profit margin at 17.8%, reflecting a 310 basis point decrease due to pricing pressure and higher land costs [22] Business Line Data and Key Metrics Changes - The company delivered 12,902 homes in fiscal 2025, with a decrease in housing revenues by 10% to $6.21 billion [24] - In Q4 2025, the company produced 3,619 home deliveries, with an average selling price declining 7% to $466,000 [21] - The cancellation rate was stable at 18%, supporting net orders at an average absorption pace of three per month per community [9] Market Data and Key Metrics Changes - The company owned or controlled approximately 65,000 lots at year-end, with 43% controlled [15] - The average cash down payment for buyers was 17%, equating to nearly $80,000, with an average household income of $130,000 and a FICO score of 743 [14] - The company plans to open between 35 and 40 new communities in Q1 2026, expecting to reach a peak community count during the spring selling season [11] Company Strategy and Development Direction - The company is focused on increasing the built-to-order (BTO) sales mix from 57% in Q4 2025 to historical levels of 70% or higher [12] - A disciplined approach to pricing is emphasized, avoiding inflated prices masked by heavy incentives, which is seen as a competitive advantage [6][7] - The company aims to enhance shareholder value through continued share repurchases and a healthy dividend yield of approximately 1.6% [28][29] Management's Comments on Operating Environment and Future Outlook - Management remains optimistic about the housing market, citing favorable demographics and structural undersupply as key demand drivers [5][6] - The company expects Q1 2026 to be the bottom for margins, with improvements anticipated as the year progresses [60] - Management highlighted the importance of maintaining high customer satisfaction and operational execution to drive results [14][18] Other Important Information - The company returned over $600 million in capital to shareholders in fiscal 2025, including approximately $540 million in share repurchases [17][29] - A new $1 billion share repurchase authorization was approved to support the capital return strategy [29] - The company invested $665 million in land acquisition and development in Q4 2025, with a focus on capital efficiency [17][28] Q&A Session Summary Question: Can you help understand the conservatism in the gross margin guide? - Management acknowledged the need to clear older inventory built at higher costs, impacting margins, and emphasized that the guidance is realistic rather than conservative [32][34] Question: Why exclude accelerated stock compensation from adjusted EPS? - The company aimed to provide a like-for-like number for better comparison, given the timing of the equity expense [36][37] Question: What are the finished and under-construction specs at the end of the quarter? - The company reported about 1,700 homes in inventory, with over 1,000 at or near the finished stage [40][41] Question: How does the new community facilitate the shift to BTO? - New communities allow for a stronger focus on BTO sales without competing with existing specs, enhancing the value proposition for customers [46] Question: What is the expectation for pricing in fiscal 2026? - The pricing expectation is driven by a mix of higher-end communities opening, rather than an assumption of price increases [72] Question: How will capital return to shareholders look beyond Q1? - The company plans to maintain a similar capital return strategy of $50 million to $100 million per quarter, evaluating opportunities as the year progresses [75]

Financial Data and Key Metrics Changes - The company reported a gross margin of 17%, which is a decrease from previous expectations, reflecting ongoing pressure in the housing market [8][16][37] - The average sales price for homes was reported at $386,000, with expectations for the first quarter of 2026 to be between $365,000 and $375,000 [16][36] - The company ended the quarter with $3.4 billion in cash and total liquidity of $6.5 billion, indicating a strong balance sheet [32][33] Business Line Data and Key Metrics Changes - The company started 18,443 homes, delivered 23,034 homes, and sold just over 20,000 homes in the fourth quarter, exceeding delivery expectations [15][36] - Sales incentives remained flat at 14%, but the gross margin was reduced to 17%, slightly lower than expected [16][29] - The company achieved a sales pace of four homes per community per month, meeting its sales plan [25] Market Data and Key Metrics Changes - The housing market remains challenging, with consumer confidence impacted by economic uncertainties and a government shutdown [10][11] - The supply of owned home sites decreased year-over-year to 0.1 years, while controlled home sites increased to 98% from 82% [30] - The company reported a significant reduction in warranty spend by 45% year-over-year, indicating improved operational efficiency [29] Company Strategy and Development Direction - The company is focused on maintaining volume and even-flow production while managing an affordable cost structure [9][10] - A shift towards an asset-light model has been completed, with less than 5% of land on the balance sheet, reducing overall inventory from just under $20 billion to just under $12 billion [17][20] - The company aims to leverage its strong market position and efficient product offerings to accommodate pent-up demand as market conditions improve [9][19] Management's Comments on Operating Environment and Future Outlook - Management expressed optimism about future market conditions, anticipating that government actions may enhance affordability and activate demand [10][50] - The company is well-positioned to provide affordable housing solutions when demand is activated by lower interest rates or government-sponsored programs [9][10] - Management acknowledged the ongoing challenges in the housing market but remains committed to driving efficiencies and improving margins over time [9][56] Other Important Information - The company completed the Millrose transaction, resulting in a non-cash repurchase of 8 million shares [20][35] - The management team is transitioning leadership roles internally, indicating a strong internal talent pool to maintain operational continuity [21][24] Q&A Session Summary Question: What is contributing to the continued pressure on margin? - Management noted unexpected headwinds from the government shutdown impacting consumer confidence, which affected pricing stability [43][44] Question: Will government actions improve affordability in 2026? - Management believes that significant attention is being paid to affordability issues, and they expect some form of government action in 2026 [50][51] Question: How does the company envision recapturing margin as the market improves? - The company is focused on maintaining volume and leveraging operational efficiencies to improve margins as incentives decrease [56][57] Question: What is the strategy regarding supply and margin? - Management is committed to maintaining volume while navigating market conditions, with a focus on building efficiencies [82][86] Question: How will the company approach share repurchases in 2026? - Management is optimistic about the balance sheet and expects to continue returning cash to shareholders through repurchases and dividends [89][90]

Financial Data and Key Metrics Changes - The company reported a gross margin of 17%, which is a decrease from previous expectations, attributed to market conditions and increased sales incentives [9][18] - The average sales price for homes was $386,000, with expectations for the first quarter of 2026 to be between $365,000 and $375,000 [18][34] - The company ended the quarter with $3.4 billion in cash and total liquidity of $6.5 billion, indicating a strong balance sheet [31][34] Business Line Data and Key Metrics Changes - The company started 18,443 homes, delivered 23,034 homes, and sold just over 20,000 homes, exceeding delivery expectations but only meeting the low end of sales expectations [17][18] - Sales incentives remained flat at 14%, contributing to a reduction in gross margin [18][29] - The company achieved a cycle time of 127 days for detached single-family homes, a reduction from 138 days a year ago [20][29] Market Data and Key Metrics Changes - The housing market remains challenging, with consumer confidence impacted by economic uncertainties and a government shutdown [11][12] - The supply of owned home sites decreased year-over-year to 0.1 years, while controlled home sites increased to 98% from 82% [30][32] - The company noted a significant supply shortage in the housing market, which has kept home prices high [13][14] Company Strategy and Development Direction - The company is focused on maintaining volume and even-flow production while managing costs to prepare for future market recovery [10][11] - An asset-light strategy has been implemented, reducing overall inventory from just under $20 billion to just under $12 billion [19][30] - The company aims to leverage its strong market position and efficient product offerings to meet pent-up demand as market conditions improve [10][25] Management's Comments on Operating Environment and Future Outlook - Management expressed optimism about future market conditions, anticipating that government actions may enhance affordability and stimulate demand [15][44] - The company is positioned to benefit from a potential recovery in the housing market, with expectations for margin improvement as incentives decrease [46][47] - Management acknowledged the ongoing challenges but emphasized the importance of operational efficiencies and technology investments to drive future growth [57][66] Other Important Information - The company completed the Millrose transaction, resulting in a non-cash repurchase of 8 million shares [21][33] - The leadership transition is underway as the co-CEO retires, with experienced professionals prepared to take on new roles [22][24] Q&A Session Summary Question: What is contributing to the continued pressure on margin? - Management noted unexpected headwinds from the government shutdown affecting consumer confidence, which impacted pricing stability [40][41] Question: Will government actions improve affordability in 2026? - Management believes that government focus on affordability is likely to result in actionable programs, although specifics remain uncertain [44][45] Question: How does the company envision recapturing margin as the market improves? - The company is focused on maintaining volume and leveraging operational efficiencies to improve margins as incentives decrease [46][47] Question: What are the expectations for share repurchases in 2026? - Management expressed enthusiasm for 2026, indicating that the asset-light model will allow for continued shareholder returns through repurchases and dividends [64][66]

Homebuilding stock Lennar Corp (NYSE:LEN) is sharply lower today, down 4.3% at $112.51 at last glance, after mixed fiscal fourth-quarter results. The company posted earnings of $2.03 per share, missing analyst estimates of $2.30, while revenue of $9.37 billion surpassed expectations of $9.17 billion. Disappointing guidance is also weighing amid higher costs and slow home sales. On the charts, emerging support at the $112 level appears to be keeping losses in check, as it did in mid-November. The shares are ...

Core Viewpoint - Toll Brothers reported a fourth-quarter earnings beat but faced investor disappointment due to modest revenue growth and market expectations [1][2][5]. Financial Performance - The company posted EPS of $4.63, exceeding the consensus estimate of $4.38 by $0.25, representing a 5.8% surprise and marking the sixth consecutive quarter of exceeding analyst expectations [2][5]. - Revenue for the quarter was $3.26 billion, slightly above the estimate of $3.20 billion by 1.8%, but this figure declined 2.2% year over year from $3.33 billion in the previous fourth quarter [2][6]. Market Reaction - Despite the earnings beat, shares opened down approximately 4.3% to $130.38, indicating investor disappointment [1][5]. - The stock broke below its 50-day moving average of $135.01 but remained above the 200-day moving average of $120.27, showing volatility in after-hours trading [8]. Analyst Sentiment - Analyst sentiment remains moderately bullish, with ten analysts maintaining Buy or Strong Buy ratings compared to six Hold or Sell ratings, and an average price target of $152.40, suggesting a potential upside of 16.9% from current levels [9]. Future Outlook - The focus now shifts to forward guidance and order trends, which were not included in the preliminary data. The stock trades at a forward P/E ratio of 10.08, indicating a reasonable valuation for a profitable homebuilder [10]. - Investors are looking for evidence of revenue growth reacceleration to justify the current valuation [10][11].

人民日报海外版记者 廖睿灵 "建设安全舒适绿色智慧的'好房子'"——这是《中共中央关于制定国民经济和社会发展第十五个五 年规划的建议》中，关于住房领域的重要表述。 4个与"好房子"相关的关键词，描绘出居民住房的美好图景。为什么要建"好房子"？这背后，既是 适应我国住房发展新阶段、满足人民群众对美好生活新期待的重大举措，也是构建房地产发展新模式， 有效释放扩内需、促消费巨大潜能的重要抓手。 新房子建成"好房子"，老房子改造成"好房子" 一套住房，是个人的安身之所，也是一个家庭的安居之地。 回望中国居民居住条件的变化，在上世纪90年代，中国城镇居民人均居住面积为7.1平方米；到 2020年，中国家庭户人均居住面积达41.76平方米——这一数据涵盖城乡，其中城市家庭人均居住面积 为36.52平方米。 住房面积显著增加的同时，居民住房供给与需求的格局也在悄然改变。 根据《中国人口普查年鉴—2020》，在1980年至1999年间建成，也就是房龄在25年以上的住房，占 比约30.8%；2000年至2009年间建成的住房，占比约30.3%；2010年后的住房，占比为34.7%。也就是 说，全国范围内有相当一部分"老房子"， ...