近日，多地发布购房补贴政策。 11月26日， 内蒙古自治区鄂尔多斯市东胜区 发布购房补贴实施方案，其中提出，在规定时间购买商品住宅 的，给予网签合同价款2%的购房补贴；购买非住宅商品房的，给予网签合同价款1.5%的购房补贴；符合条件 的高层次人才、首套房和二孩及以上家庭购买商品住宅的，给予网签合同价款2.5%的购房补贴。购买商品住 宅和非住宅商品房补贴金额最高均不超过3万元，共设置1000万元补贴金额。 11月20日， 浙江省杭州市余杭区 发布购房补助，其中提出，对符合条件的购买新建商品住宅的家庭给予每套3 万元购房补助，对符合条件的购买非住宅新建商品房的按实际缴纳契税金额的50%给予补助。 据中指研究院不完全统计，今年以来，杭州、武汉等约100市、区加大购房补贴力度。9月以来，杭州、武汉、 重庆、义乌、东莞等约30市、区加大购房补贴力度，其中杭州对规定期间内购买参与项目新建商品住宅的活动 对象每套发放10万元消费券，合肥新站高新区将购房补贴政策延期一年，其中明确对在新站高新区范围内新购 新建商品住房的购房人按房屋总价的2%给予购房补贴，单套补贴金额最高不超10万元。 中指研究院认为，发放补贴力度较大，有助于 ...

Core Insights - The real estate market is experiencing a downward adjustment, with prices in various cities showing a consistent decline both month-on-month and year-on-year [11][12]. Price Trends - In October, the average transaction price for new homes in Nanchang was 7,887 yuan per square meter, down from the purchase price of around 9,000 yuan per square meter in 2017, indicating a slight loss but overall price stability due to the developer Vanke and nearby school districts [3]. - The listing price in October remained high at 10,251 yuan per square meter, reflecting sellers' reluctance to lower prices despite the drop in transaction prices [3]. - Nationally, new home prices in first, second, and third-tier cities fell by 0.8%, 2.0%, and 3.4% year-on-year, respectively, with third-tier cities facing more significant long-term adjustment pressures [5]. Market Dynamics - The decline in housing prices is characterized by "universal coverage but differentiated amplitude," with first-tier cities seeing a 0.3% decrease, second-tier cities a 0.4% decrease, and third-tier cities a 0.5% decrease month-on-month [4]. - The adjustment is driven by a fundamental shift in supply and demand dynamics, with a significant increase in the stock of existing homes and a shift in demand towards second-hand homes [8]. Policy Impact - Policies aimed at stabilizing the real estate market have been implemented, but their effects are uneven across different cities. The sales area and sales volume of new homes have shown signs of improvement, but third-tier cities and second-hand home prices remain constrained by high inventory and insufficient demand [8][12]. Market Segmentation - The high-end market is showing resilience, with a notable increase in the sales of larger, improvement-oriented units in major cities. For instance, in 2025, the proportion of improvement-type units sold in key cities rose to 30% [11]. - The land market is increasingly concentrated in core cities, with significant price increases for land in first and second-tier cities, while third and fourth-tier cities see declines [11]. Future Outlook - The current adjustment in the real estate market is viewed as a transition from rapid growth to high-quality development, necessitating a focus on core cities and refined operations by real estate companies [12]. - Despite the overall pessimism regarding real estate, there are opportunities for buyers, particularly in core cities where the cost-effectiveness of housing is becoming more apparent [12].

原标题：国家统计局：房地产市场虽有所波动 但政策成效仍在继续显现 11月14日，国家统计局新闻发言人、总经济师、国民经济综合统计司司长付凌晖在国务院新闻办公 室举行新闻发布会上表示，今年以来，各地区各部门加快出台实施各项支持性政策，积极释放刚性和改 善性住房需求，推动房地产市场止跌回稳。从统计数据来看，房地产市场虽有所波动，但政策成效仍在 继续显现。 各线城市商品住宅销售价格总体下降 国家统计局发布数据显示，2025年10月份，70个大中城市中，各线城市商品住宅销售价格环比和同 比均下降。 58安居客研究院院长张波在接受《证券日报》记者采访时表示，随着2025年进入尾声，在政策托 底、供需结构调整等多重因素影响下，一线城市核心板块企稳、二线城市内部分化、三四线城市整体承 压的态势并未发生变化。预计11月份和12月份楼市还将呈现"量稳价弱、分化持续"的特征。 商品房去库存持续推进。随着控增量、优存量等房地产政策措施持续发挥作用，今年以来，房地产 去库存稳步推进，10月末全国商品房待售面积75606万平方米，比9月末减少322万平方米，今年以来连 续8个月减少。 房企资金有所改善。在"白名单"项目扩围增效等积极因 ...

北京年内区位最好地块"上桌"。 如何通过设计创新与运营提升，在保护与发展、文化与商业之间取得平衡，将成为房企未来竞争力的关 键考验。 11月19日，北京东城祈年大街和昌平未来科学城地块正式开拍，总用地面积65781.71平方米，总规划建 筑面积107210.7平方米，总揽金32.706 亿。其中，祈年大街地块经过38轮竞价，由北京城建以20.28亿元 斩获，楼面价约10.36万元/平方米，溢价率4%。 未来科学城能源谷地块稍显冷清，由未来科学城以底价12.426亿元收入囊中。 "此次北京土地市场迎来内城与近郊两宗特质鲜明的地块同步出让，呈现出当前市场分化与转型的清晰 信号。"中指研究院土地市场研究负责人张凯表示，一热一温的市场反应，深刻反映出北京土地市场正 在从普涨模式转向价值深耕模式。 距离天安门最近的地块 面对楼市下行压力，北京各区纷纷亮出自家压箱底地块，通过加码优质土地供应来稳定市场。 此次供地的东城祈年大街地块是今年东、西城首次供应商品住宅用地，也是目前距离天安门广场最近的 地块。 祈年大街地块附近，囊括天坛公园、天安门广场、故宫、前门、南中轴、祈年大街等一系列重点文物保 护单位及知名建筑景点，周边有 ...

Core Viewpoint - The article highlights a significant decline in the real estate market in China, with major property stocks experiencing notable drops amid falling housing prices in major cities [1] Group 1: Stock Performance - New World Development (01030) fell by 3.86%, trading at HKD 2.24 [1] - Ronshine China (03301) decreased by 3.64%, trading at HKD 0.159 [1] - Greentown China (03900) dropped by 3.57%, trading at HKD 8.91 [1] - Sunac China (01918) declined by 2.22%, trading at HKD 1.32 [1] Group 2: Housing Price Trends - The National Bureau of Statistics reported a 0.5% month-on-month decline in new home prices across 70 major cities, marking the largest drop since October of the previous year [1] - Second-hand home prices also saw a month-on-month decrease of 0.7% [1] - China Merchants Bank Securities noted that this is the first instance of continuous declines in second-hand home prices across all cities, although the declines in first and second-tier cities have not worsened [1] Group 3: Market Sentiment and Policy Outlook - HSBC's report indicates a cooling sentiment in the real estate market, entering a policy vacuum period [1] - Following a brief recovery, negative trends are emerging, particularly in the high-end residential market, suggesting that government efforts to improve housing quality and demand may not be sufficient to stabilize the new housing market [1] - The bank believes that in a context of low policy expectations, any policy news could be perceived as positive [1]

Core Viewpoint - The decline in the stock prices of Chinese property companies is attributed to a significant drop in housing prices across major cities, indicating a cooling real estate market and potential challenges ahead for the sector [1] Group 1: Stock Performance - Chinese property stocks experienced notable declines, with New World Development down 3.86% to HKD 2.24, Ronshine China down 3.64% to HKD 0.159, Greentown China down 3.57% to HKD 8.91, and Sunac China down 2.22% to HKD 1.32 [1] Group 2: Housing Price Trends - The National Bureau of Statistics reported that new home prices in 70 major cities fell by 0.5% month-on-month, marking the largest decline since October of the previous year; second-hand home prices decreased by 0.7% [1] - Zhongyin Securities noted that the month-on-month decline in housing prices has expanded, with the first occurrence of continuous price drops in second-hand homes across all cities; however, the decline in first and second-tier cities has not worsened [1] Group 3: Market Sentiment and Policy Outlook - HSBC's research indicates a cooling sentiment in the real estate market, entering a policy vacuum period; after a brief recovery, negative trends such as weakness in the high-end residential market have emerged, suggesting that government efforts to improve housing quality and demand may not be sufficient to stabilize the new housing market [1] - The bank believes that in a context of low policy expectations, any policy news could be perceived as positive [1]

房地产行业 | 证券研究报告 — 行业周报 2025 年 11 月 18 日 房地产行业第 46 周周报（2025 年 11 月 8 日-2025 年 11 月 14 日） 本周成交环比转正，同比降幅收窄，但 10 月 70 城房价环比跌幅 扩大，仍需等待政策进一步发力 房地产调控升级；销售超预期下行；融资收紧。 相关研究报告 《地产后增量时代的机遇》（2025/08/10） 《单月销售与投资降幅扩大；开竣工降幅虽收窄， 但仍处于历史低位》（2025/07/17） 《70 城房价环比跌幅持续扩大；一线城市二手房价 跌幅大于二、三线城市》（2025/07/17） 《2025 年将成为房地产行业"由量转质，优化结构" 的关键年》（2025/05/12） 新房成交面积环比由负转正，同比降幅收窄；二手房成交面积环比由负转正，同比降 幅收窄；新房库存面积环比上升，同比下降；去化周期同环比均上升。 核心观点 政策 重庆市发改委等 8 部门联合印发《进一步清理消费领域限制性举措持续扩大消费 若干措施》，放宽全款购房公积金提取条件，职工一次性付清购房价款的，可自 购房之日起满半年后每年提取一次，提取办理时限由两年放宽至五年， ...

近日，国家统计局公布了2025年10月份70个大中城市商品住宅销售价格变动情况。数据显示，10月，70 个大中城市中，各线城市商品住宅销售价格环比和同比均下降。 值得注意的是，上海、乌鲁木齐、杭州、合肥等城市新房价格环比、同比均上涨。 58安居客研究院院长张波向《每日经济新闻》记者书面分析指出，一线城市改善型需求稳定，高库存中 小城市的房价下行压力依然存在，库存去化周期超20个月的城市，受房企"以价换量"冲刺业绩影响，新 房价格环比依然下行。总体来看，一线核心板块企稳、二线内部分化、三四线整体承压的态势并未发生 变化。 他判断，预计11月和12月，随着政策托底力度加大、房企年底冲刺，市场还将呈现"量稳价弱、分化持 续"的特征。 上海新房价同比涨5.7% 国家统计局城市司首席统计师王中华在解读数据时指出，10月份，一线城市新建商品住宅销售价格环比 下降0.3%，降幅与上月相同。其中，上海上涨0.3%，北京、广州和深圳分别下降0.1%、0.8%和0.7%。 二线城市新建商品住宅销售价格环比下降0.4%，降幅与上月相同。三线城市新建商品住宅销售价格环 比下降0.5%，降幅扩大0.1个百分点。 同比来看，上海新房价格 ...

Investment Rating - The industry investment rating is "Positive" (maintained) [1] Core Viewpoints - The report indicates that the transaction area of new and second-hand houses has increased on a month-on-month basis, while year-on-year figures show a decline. The report emphasizes the need to improve the financial infrastructure of the real estate sector and highlights the implementation of supportive financial policies by the central bank to stabilize the market [3][4][57] Summary by Sections Financial Infrastructure Improvement - The central bank aims to establish a multi-level and diversified pension financial system to support high-quality development of the silver economy and address the challenges of an aging population. It emphasizes enhancing financial support to boost consumption and implementing policies to help individuals restore credit [4][12] - The government of Hangzhou has introduced measures to optimize land resource allocation, focusing on precise configuration of new land and effective activation of existing land [4][12] Sales Performance - In the 46th week of 2025, the transaction area of new residential properties in 68 major cities reached 1.93 million square meters, showing a year-on-year decline of 36% but a month-on-month increase of 15%. Cumulatively, the transaction area from the beginning of the year to date is 10,337 million square meters, with a year-on-year decline of 15% [5][15] - The transaction area of second-hand houses in 20 cities was 1.88 million square meters, with a year-on-year decline of 16% and a month-on-month increase of 6%. The cumulative transaction area for the year is 8,630 million square meters, showing a year-on-year increase of 3% [32] Investment Performance - In the 46th week of 2025, the planned land area released in 100 major cities was 6,292 million square meters, with a transaction area of 1,189 million square meters, reflecting a year-on-year decline of 41%. The average transaction premium rate was 1.4% [38] - The transaction area of land in first-tier cities decreased by 19% year-on-year, while second-tier cities saw a slight decline of 0.3%, and third-tier cities experienced a significant drop of 61% [38] Financing Conditions - The issuance of domestic credit bonds in the 46th week of 2025 was 2.62 billion yuan, representing a year-on-year decrease of 46% and a month-on-month decrease of 64%. The cumulative issuance for the year reached 354.92 billion yuan, showing a year-on-year increase of 2% [6][46] Market Performance - The real estate index increased by 2.7% during the week, outperforming the Shanghai and Shenzhen 300 index, which fell by 1.08%. This indicates a relative performance advantage for the real estate sector [51]

国家统计局11月14日公布的数据显示，2025年10月，70个大中城市商品住宅销售价格环比和同比均呈下降趋势。然而，在这一整 体下行的大环境中，深圳房地产市场展现出难得的韧性，尤其是新建商品住宅销售价格同比逆势上涨，成为一线城市中的亮点。 各线城市房价普遍下行，深圳新房同比逆势上扬 | | 城市 | 环比 | 同比 上年同月 | | 1-10月平均 上年同期 | 城市 | | 环比 | 同比 上年同月 | 1-10月平均 上年同期 | | --- | --- | --- | --- | --- | --- | --- | --- | --- | --- | --- | | | | 上月=100 | =100 | | =100 | | | 上月=100 | =100 | =100 | | 北 | 只 | 99.9 | | 98.0 | 95.8 | 唐 | 111 | 99.3 | 94.2 | 93.1 | | 天 | 津 | 99.3 | | 98.5 | 98.1 | 奏 | 皇岛 | 99.8 | 95.3 | 93.9 | | 有家庄 | | 99.5 | | 96.3 | 96.5 | 刊 | 头 ...