【东北地产建筑|中期策略】生存到重生，分化与机遇 房地产 [Table_Date] 发布时间：2026-01-12 [Table_Invest] 优于大势 房地产行业有何可预见趋势 2025 收官，房企销售表现如何？ 政策复盘&展望：止跌回稳信心坚决，楼市政策窗口期将 ---2026W02 房地产周报 报告摘要： 近 [Table_Summary] 本周观点： 2025 收官，房企销售表现如何？ 楼市量价止跌回稳进度如何 商业地产：稳地产促消费，消费+地产助力房企穿越周期 2025 展望：二手房市场量升价稳，新房市场各指标磨底 2025 年 12 月单月，百强房企销售额同比-23.8%，单月同比降幅相较 11 月收窄 12.0pct；1-12 月百强房企销售额累计同比-15.9%，降幅较 1- 11 月走宽 0.6pct。2025 年全年销售收官，百强房企全年销售同比降幅 录得-15.9%。2026 年开年《求是》文章明确了地产的金融属性，强调 了地产不可替代的宏微观作用，并表明政策要一次性给足扭转市场预 期，2026 年更大力度的楼市呵护政策值得期待。 本周地产:A 股/港股均跑赢大盘 投资建议：整体看来， ...

滨州日报/滨州网讯 "十四五"以来，全市住建系统紧紧围绕市委、市政府重大决策部署，以党建统 领"1+5+N"工作体系为抓手，自觉将各项工作融入黄河流域生态保护和高质量发展重大国家战略，始终 锚定人民群众对美好生活的向往这一根本目标，努力把关乎百姓福祉的一件件民生实事办好、办扎实、 办到群众心坎上，持续增强群众获得感、幸福感、安全感。 城市发展能级进一步提升 五年来，滨州见证着实实在在的民生"蝶变"——房价走势趋于稳定、老旧小区居民告别"爬楼时代"迈 入"电梯生活"、冬季供暖室温提升三四度、燃气连接管全面升级为安全可靠的不锈钢波纹管……这些看 得见、摸得着的变化，正是全市住建系统坚持"民有所呼、我有所应"理念，精准破解群众"急难愁盼"问 题的生动缩影。 "十四五"期间，全市住建系统全力推进"四项工程"建设，用实打实的数据彰显成效，用高质量项目回应 期待，不断满足人民群众对舒适、安全、美好居住环境的新需求。 实施"安居宜居"工程 住有所居迈向住有优居 政策调控精准有效。适应房地产市场供求关系发生重大变化的新形势，连续推出11条、21条、21条、31 条等多轮促进房地产市场平稳健康发展政策，因城施策促进市场平稳健康 ...

记者丨李莎 编辑丨陈洁 2025年年底，福州在新闻发布会上发布多项生育支持政策，住房保障是其中的重要方面。新政明确，在 商品房购房方面，向二孩、三孩家庭发放购房补贴，单套最高分别补贴3万元、5万元；在保障性住房方 面，向因生育需改善居住条件的家庭，提供公租房房源调换服务。 包括福州在内，据中指研究院不完全统计，2025年有超过100个城市出台或优化多子女家庭住房支持政 策，政策内容涵盖购房补贴、公积金贷款额度上浮、保障性住房倾斜等多个方面。 在受访专家看来，各地推出多样化政策，助力改善多子女家庭住房条件，有助于降低该群体的住房成 本。未来一方面要沿着当前的政策方向，进一步落实和优化相关政策；另一方面也要进一步考虑多子女 家庭生育、养育和子女教育需求，从更好解决其切实需求出发，提高住房支持政策与生育、教育等政策 的协调性，更好发挥政策的协同效应。 多子女家庭购房获多重支持 2025年多地将支持多子女家庭住房的政策与促进住房消费的政策相结合，通过发放购房补贴、上浮公积 金贷款额度、优化住房套数认定标准或增加购房指标等方式，降低多子女家庭购房成本，缓解该群体的 购房压力。 向多子女家庭针对性发放购房补贴，是各地支持 ...

到2025年三季度，房地产行业的GDP累计同比贡献率已实现 转正，达到0.8% 近期密集的政策信号表明，稳定房地产市场已成为2026年经济工作的重要任务。从"止跌回稳"到 "着力稳定房地产市场"，政策表述的变化反映了决策层 对当前市场状况的判断和应对策略 从宏观政策层面看，2026年将继续实施更加积极的财政政策，扩大财政支出盘子，优化政府债券工具组合，提高转移支付资金效能 针对房地产市场，政策的焦点已经转向 "控增量、去库存、优供给" 这九个字 北京最新的房地产调控政策将非京籍家庭五环外购房的社保年限要求从2年降至1年，决策层正试图用精准的政策工具为市场注入信心。 2025年12月24日，北京发布房地产新政，将非户籍家庭在五环外的社保年限要求从2年降至1年 从2025年的数据看，房地产市场正处于筑底企稳的进程中。截至2025年12月19日，36个城市的新房成交面积同比下降15.0%，而15个城市的二手房成交 面积同比增长2.3% 这意味着政府将从供给侧入手，建立"人房地钱"要素联动机制，根据市场需求精准调节土地和新房供应，避免形成新的库存积压 收购存量商品房用作保障性住房是当前政策工具箱中的重要手段。 全国住 ...

Group 1: Expansion of Domestic Demand - The key focus for 2026 is to expand domestic demand to facilitate economic recovery, with measures including boosting consumer spending and stabilizing investment [2] - The national fiscal work conference emphasizes significant efforts to enhance consumption through various initiatives, including optimizing personal consumption loan policies and supporting new consumption models [2] - The introduction of the "Two New" policy aims to optimize support scope, subsidy standards, and implementation mechanisms, with smart glasses included in the subsidy range for the first time [2] Group 2: Promotion of High-Quality Industrial Development - The emphasis is on intelligent, green, and integrated development to enhance industrial quality, with actions to improve industrial chain resilience and safety [3] - The focus includes nurturing emerging industries and future industries, with significant investments expected in artificial intelligence as a key driver for manufacturing investment in 2026 [3] - The energy work conference aims to increase the share of renewable energy, with plans to add over 20 million kilowatts of wind and solar power capacity [3][4] Group 3: Nationwide Unified Market Construction - The strategy includes addressing "involution" in competition, with measures to curb low-quality competition and promote fair competition [5] - The approach to "involution" will differ from previous supply-side reforms, focusing on high-quality optimization and using market-oriented methods to stabilize prices [6] - The development of a unified national market is seen as crucial, balancing effective market mechanisms with proactive government involvement [6] Group 4: Stabilization of the Real Estate Market - The central economic work conference emphasizes stabilizing the real estate market, with specific strategies for controlling supply and optimizing housing quality [7] - The People's Bank of China is monitoring the real estate market closely, with plans to enhance financial management and support for affordable housing [7] - Recent policy adjustments in Beijing signal the start of a new cycle of policy optimization, potentially influencing other major cities to follow suit [8]

Group 1: Housing Policies and Developments - Beijing has officially released its 2025 third batch of affordable housing construction and collection plans, which includes 9 new projects with 3,241 units, 1 collection project with 123 units, and 2 completed projects with 1,857 units [1] - In 2025, Beijing aims to construct approximately 67,000 rental housing units, achieving 135% of its annual target of 50,000 units, and complete nearly 100,000 units of various types of affordable housing, reaching 125% of its annual target of 80,000 units [1] Group 2: Mortgage Rate Adjustments - Shanghai's housing provident fund management center announced a reduction in the interest rates for outstanding personal housing provident fund loans, effective from January 1, 2026, with rates for first-time homebuyers set at 2.1% for loans under 5 years and 2.6% for loans over 5 years [2] - The adjusted rates for second-time homebuyers will be 2.525% for loans under 5 years and 3.075% for loans over 5 years, with the changes applied automatically without borrower applications [2] Group 3: Real Estate Market Trends - According to the China Index Academy, the total land acquisition amount for the top 100 enterprises in 2025 is projected to reach 964 billion yuan, reflecting a year-on-year increase of 3.9% [4] - The land acquisition trend shows a "high at the beginning and low at the end" pattern, with a significant increase of over 30% in the first three quarters, followed by a decrease in the fourth quarter due to reduced land auction activities [4] - The top ten enterprises in land acquisition are predominantly state-owned enterprises, although private real estate companies are showing increasing enthusiasm, with several private firms making it into the top 30 by acquisition amount [4] Group 4: Housing Price Trends - The average price of newly built residential properties in 100 cities is expected to rise by 2.58% in 2025, with quarterly increases of 0.52%, 0.64%, and 0.47% in the first three quarters [5] - In the fourth quarter, the accelerated market entry of high-end properties in core cities contributed to a cumulative price increase of 0.93% [5]

守护城市根和魂，历史文脉与现代生活相融共生。南宁将持续建设文明城市，坚持以文化人、以文惠 民、以文润城、以文兴业，全力创建国家历史文化名城，做好历史文化遗产的保护传承和活化利用。重 点修缮提升中山路、水街等历史文化街区，让老街区留住烟火气、焕发新活力，让市民在青砖黛瓦间触 摸城市记忆，赓续邕城文脉。 筑牢安全防线，韧性城市建设为美好生活保驾护航。南宁将深化城市安全韧性行动，对供水、供气、供 电、排水等市政设施实施数字化改造与智能化管理，推进地下管网管廊及设施建设改造。同时，聚焦防 洪排涝能力提升，实施内河水系综合整治，完善老口水利枢纽防洪功能。此外，发力交通网络优化，健 全跨江联动、内外衔接、快慢协调的路网体系，统筹治理重点区域交通拥堵，打通一批"断头路"，让城 市运行更安全、更有序、更智慧、更高效。 本报讯（记者冯梓剑）城市建设，民生为要。记者从有关部门了解到，"十五五"时期，南宁将坚持以人 为本理念，不断完善城市功能，用"绣花"功夫深耕城市建设和管理，全方位提升人居环境，努力打造宜 居、宜业、宜乐、宜游的美丽南宁，让高质量发展成果更多惠及全体市民。 坚持以人为本，住房品质与居住环境双提升是核心发力点。南宁 ...

生态品质稳步提升，绿色空间布局更加均衡。统筹推进水系连通与生态修复工程，新建、扩建鸿雁湖、十里湖湿地、杨家河等一批公园。高标准打造洸府 河西岸生态景观带、蓼河观光大道等。因地制宜建成口袋公园79处，全区绿化覆盖率提升至45.5%，人均公园绿地面积达14.8平方米，基本形成"300米见 绿、500米进园"的城市绿地服务体系，居民亲水近绿的生活体验持续改善。 住房保障扎实推进，居住条件不断改善。稳步推进棚户区和老旧小区改造，完成5个棚改片区、14个老旧小区改造；全面开展农村自建房安全隐患排查整 治，涉及房屋7.79万栋，完成低收入家庭住房改造255户，切实守住住房安全底线。积极推进保障性住房建设和人才安居工程，公租房线上申请受理超1.5 万件，保障性住房和人才住房工作获省级主管部门肯定。住房保障体系日趋健全，群众获得感不断增强。 齐鲁晚报.齐鲁壹点刘凯平 12月30日，济宁高新区管委会召开"实干绘就'十四五'答卷凝心续写发展新篇"主题系列(第4场)城乡建设和交通局专场新闻发布会。 "十四五"以来，济宁高新区城乡建设和交通局锚定"走在前、勇争先"目标，聚焦城市功能完善与人居环境提升，在交通路网建设、基础设施配套、生 ...

Group 1: Core Insights - The article outlines measures to achieve high-quality development in the housing and urban construction sector in Nanping City for the first quarter of 2026, as part of a broader economic strategy [1][7] Group 2: Real Estate Development - The "shared ownership" housing policy will continue to be implemented and deepened, with city-level support provided in the form of housing vouchers to lower the threshold for home purchases [2][8] - Differentiated housing support measures will be introduced, targeting key groups such as new citizens, youth, first-time homebuyers, families with multiple children, and various talents, to provide tiered subsidies and tax incentives [2][8] - There will be encouragement for converting existing commercial housing into affordable housing, utilizing special bonds and policy bank loans to enhance housing security [2][9] - Diverse home purchasing models will be promoted, including "rent-to-own" and shared ownership models, with policy support for those purchasing through these methods [2][9] Group 3: Construction Industry Upgrades - Support will be provided for enterprises to enhance market competitiveness through reforms in project bidding processes, encouraging collaboration between state-owned and private enterprises [4][10] - A one-stop service for project approval will be optimized, focusing on key projects to ensure timely commencement and productivity [4][10] - Administrative approval processes will be expedited, with a push for online handling of construction permits and simplified procedures [4][11] - Monitoring and adjustment of construction material and labor costs will be strengthened, particularly in light of seasonal factors affecting construction expenses [5][11] - Projects will be encouraged to maintain production and resume work promptly after the holiday period, ensuring that essential services remain operational [6][11]

Investment Rating - The report indicates a shift in the central government's approach to the real estate market, emphasizing "stabilizing the market" rather than merely pushing for recovery [2][4][13] Core Insights - The real estate market is experiencing increased downward pressure, with the supply-demand relationship shifting from total shortage to basic balance, highlighting structural supply deficiencies [2][4] - The central economic work conference has outlined a policy framework focusing on supply-demand coordination, inventory reduction, and promoting quality housing [3][5] - The report notes that as of November 2025, the nationwide unsold commercial housing area stands at 753 million square meters, indicating a high inventory level that requires ongoing efforts for reduction [4][5] Summary by Sections Market Overview - The real estate market is under pressure, with new housing transaction volumes continuing to decline, while "good houses" are becoming the mainstay of market support [1] - The central government's focus has shifted to stabilizing the market, with an emphasis on addressing structural supply issues and enhancing the quality of housing [2][4] Policy Developments - The central economic work conference has introduced measures to control land supply, encourage the acquisition of existing housing for affordable housing, and promote the construction of quality housing [3][4] - The report highlights that local governments are expected to implement various policies, including purchase subsidies and tax reductions, to stimulate inventory reduction [4][5] Demand Dynamics - The demand side is seeing improvements, with the central government advocating for the removal of unreasonable restrictions in the housing market, particularly in core cities [5] - Recent policy changes in Beijing have aimed to optimize housing purchase restrictions, supporting families with multiple children and adjusting credit policies [5][8] Market Performance - In November 2025, the average price of new residential properties in 70 large and medium-sized cities showed a slight month-on-month increase, while the overall sales volume and value continued to decline year-on-year [5][8] - The second-hand housing market is experiencing a downward trend in prices, with significant declines noted in major cities, although transaction volumes are showing signs of recovery [8][9]