"目前新规产品更吸引消费者，其中第四代住宅更是卖得火热，很多开盘就清盘了。"上述广州房产中介 告诉记者。 从北京市场情况来看，中原地产首席分析师张大伟分析称，近期入市项目多位于优质地段，产品力 在"好房子"标准下得到提升，房企在社区配套、精装品质等方面加大投入，并通过创新设计提高"质价 比"，吸引了大量改善型客户。 贝壳平台数据显示，国庆前两日，广州新房成交达1200套，截至10月5日累计成交2400套，日均成交约 480套，虽然数量比去年同期有下降，但较2023年同期增长约2.5倍；深圳市场方面，乐有家研究中心数 据监测显示，10月1日至10月7日，深圳乐有家门店二手房签约量环比前一周(9月24日至9月30日)上涨 15%，新房签约量环比上涨120%，显示出楼市新政对新房市场的去化带动明显。 "双节"假期期间，《证券日报》记者在北京、上海、广州多个新盘项目了解到，各项目的到访量均有所 增长，市场活跃度较高，第四代住宅等新规产品受到消费者青睐。 在北京朱辛庄板块某新盘的置业顾问告诉记者："假期这几天每天都有成交，整体已经签了十几套，以 改善型三居户型为主。"为抓住假期营销窗口，该项目推出了限时优惠活动，总价较 ...

明珠天韵花园则推出多重让利，实打实的优惠，让楼盘到访客户量较平日显著提升，同时依托其突出的产品优势与地段稀缺性，精准契合家庭客户的改善 需求，成为市场热门之选。 为切实惠及购房者，广宁县住房和城乡建设局将积极引导和鼓励房企推出更多促销活动，以实实在在的购房优惠、真金白银的价格承诺，大幅降低购房门 槛，助力更多市民轻松实现"安居梦"。 文、图｜记者 杨再睿 通讯员 广宁住建 国庆假期期间，肇庆市广宁县首推"全年最低价"活动，房地产市场在政府大力宣传与房企积极营销的双重推动下，到访量与成交量较去年同期实现跨越式 增长，市场形势喜人，购房信心强劲回升。 10月1日—4日，广宁全县楼盘累计接访客户637户。商品房销售（含认购）成交193套商品房，同比增加359%；销售建筑面积26075平方米，同比增加 366%，核心数据均实现近4倍的增长，市场热度显著提升。 在市场表现上，百盈花园与明珠天韵花园两大楼盘持续领跑。百盈花园凭借全市率先推出的"第四代住宅"产品，以其独特的户型设计和居住体验吸引大量 购房者到访，不仅带动了该类产品的销售，也同步激活了其他户型的市场需求。 ...

9月30日，宁乡市住房和城乡建设局、宁乡市自然资源局、宁乡市财政局、宁乡市教育局、长沙住房公 积金管理中心宁乡市管理部、宁乡市征地服务中心等6部门联合发布《关于促进宁乡市房地产平稳健康 高质量发展的若干措施》，全面贯彻落实党中央、国务院"稳楼市"决策部署和省委、省政府工作要求， 重点围绕购住房公积金支持、住房消费补贴、"以旧换新"等十个方面推出举措，以进一步激发市场活 力，推动宁乡房地产平稳健康高质量发展。 八、开展"六进"宣传促销。围绕"宜居宁乡、幸福家园"城市营销宣传主题，开展房地产宣传进乡村、进 机关、进企业、进景区、进商超、进域外"六进"活动，策划房产促销系列活动。 九、加快"好房子"建设。以"安全、舒适、绿色、智慧"为核心指标，全方位优化容积率设置，引导激 励"好房子""好小区""好社区""好城区"建设。支持鼓励房地产开发企业开发建设立体生态住宅建筑、绿 色智能建筑等高品质住宅项目，提升人居环境品质。鼓励第四代住宅建设，容积率计算规则由自然资源 和规划主管部门依据国家有关标准规范确定。支持已出让尚未开工建设的住宅项目依法依规调整规划， 建设"好房子"。 四、持续推行房票安置。延续《宁乡市房屋征收"房 ...

9月24日，南京今年规模最大一场土拍在波澜不惊中落幕：7宗涉宅用地均以底价成交，总成交金额 44.45亿元，全程未出现竞价争夺。 与上半年南部新城G07地块38轮竞价、鼓楼江汉东街地块89轮厮杀的场景形成鲜明对比。 本次出让的7宗地块覆盖江宁、栖霞、雨花台等多个区域，包含6宗宅地与1宗老年公寓用地，总出让面 积约31.8万平方米，规划建筑面积约43.5万平方米。 低容积率地块集中供应 从成交结果看，"零溢价"成为统一标签，最高总价地块为江宁方山G62地块，被南京市卓学置业（江宁 区国资）以9.3亿元底价收入囊中；仙林湖G64地块紧随其后，由南京智臻置业（南京市国资）底价9.08 亿元竞得。 此外，雨花人居森林G57地块由中建国际投资集团以7.2亿元摘得，成交楼面价12097元/平方米；栖霞山 G65地块由栖霞东麓开发建设摘得，成交总价6.24亿元，成交楼面价10203元/平方米；栖霞山G66地块同 样由栖霞西麓开发建设摘得，成交总价2.93亿元，成交楼面价10835元/平方米；江宁滨江G61地块由滨 盛置业摘得，成交总价6.31亿元，成交楼面价5501元/平方米；江宁汤山G63地块由泉乐地产摘得，成交 总价3 ...

Core Viewpoint - The real estate market is experiencing a significant downturn, with previously popular properties now struggling to sell, indicating a shift in market dynamics [1][10]. Market Performance - The average sales rate (去化率) of new residential projects, particularly the "fourth generation" properties, has dropped sharply from June to July, with many cities reporting declines [3][4]. - Chengdu's sales rate fell from 100% in June to 44% in July, while Wuhan's dropped from 58% to 18%, and Chongqing's from 75% to 27% [4]. - Nanjing's sales rate decreased from 44% to 19%, and Zhengzhou remained relatively stable, only slightly declining from 50% to 47% [5]. Market Dynamics - The decline in sales rates is not merely a seasonal effect, as the drops are substantial and indicate deeper issues within the market [6][7]. - The underlying logic of the market is changing, with the "improvement chain" for buyers being disrupted, as many potential buyers are unable to sell their existing homes in a buyer's market [11][12]. - Increased supply of similar properties has led to more choices for buyers, resulting in a more cautious purchasing approach [12][13]. Consumer Confidence - The current market situation reflects a lack of consumer confidence and purchasing power rather than the quality of the properties themselves [16]. - The belief that "good properties will always sell well" is being challenged, as market conditions are influenced by economic fundamentals and buyer sentiment [15][18].

Core Viewpoint - The article discusses the evolution of residential housing in China, highlighting the emergence of the fourth generation of residential properties, which integrates green ecology, smart technology, and human-centered design, particularly in Chongqing, a leading city in this development [1][11][15]. Group 1: Evolution of Residential Housing - The history of residential housing in China reflects urbanization and lifestyle changes, with each generation responding to the needs of the times and technological advancements [1]. - The first generation (pre-1990s) consisted of simple welfare housing with basic functions and small sizes, primarily meeting basic living needs [1]. - The second generation (1992-2008) introduced the concept of residential communities with improved amenities, although still focused on practicality, with average sizes not exceeding 90 square meters [3]. - The third generation (post-2009) emphasized human-centered design and green ecological housing, with elevator buildings becoming mainstream [5]. - The fourth generation features "urban forest garden residences" and "vertical ecological residences," focusing on the integration of nature and advanced living standards, including features like sky gardens and vertical greening [7][9]. Group 2: Characteristics of Fourth Generation Housing - Fourth generation housing breaks traditional design concepts by deeply integrating green ecology, smart technology, and human-centered spaces [9]. - Key features include independent sky gardens or shared green platforms, with greenery covering up to 40% of the unit area [9]. - Smart home technologies enhance convenience and security, while flexible space designs improve living experiences [9]. - High usable area rates are achieved through policy support, with some projects reporting usable rates of approximately 130% to over 140% [9]. Group 3: Chongqing as a Leader - Chongqing is the first city in China to systematically promote fourth generation housing, with significant policy support and market response [11]. - In 2023, Chongqing introduced guidelines that encourage innovative designs by not counting sky gardens towards the floor area ratio [11][12]. - By March 2025, over 20 fourth generation housing projects are completed or under construction in Chongqing, with expectations to exceed 80 projects in the next two years [13]. Group 4: Impact on Housing Market and Employment - The rise of fourth generation housing enhances residential quality and transforms living standards, allowing urban residents to enjoy nature within high-rise buildings [15]. - High-quality housing supply stabilizes market prices and boosts consumer confidence, catering to the demand for improved living conditions [15]. - The competitiveness of traditional second-hand housing declines due to the advantages of fourth generation properties, leading to potential price restructuring in the market [15]. - Developers are innovating to differentiate their products, which requires civil engineers and construction teams to adopt new technologies and sustainable practices [16]. Group 5: Broader Implications - The emergence of fourth generation housing reflects the aspirations of urban residents for a better quality of life, contributing to economic stability and consumption growth [15]. - This trend serves as a model for the transformation and upgrading of the Chinese real estate market, demonstrating that urban living can harmonize with nature [15].

Core Concept - The fourth-generation residential model represents a revolutionary change in lifestyle, redefining the relationship between people, space, nature, and community, rather than merely upgrading traditional luxury housing [1][15]. Group 1: Key Features of Fourth-Generation Housing - The concept of zero/negative shared area is introduced, with a maximum usable area rate of 110%, significantly reducing housing costs and enhancing the perceived value of luxury properties [3][15]. - The design includes approximately 6-6.2 meters high terraces, allowing for "every household has a garden," enhancing interaction with nature and improving living comfort [5][15]. - The LDKBG integrated design (Living room, Dining room, Kitchen, Balcony, Garden) allows for seamless interaction between indoor and outdoor spaces, creating a multifunctional emotional value "public space" [7][15]. - The maximum south-facing opening width reaches approximately 17.6 meters, providing an exceptional experience of light and view, comparable to traditional luxury homes over 250 square meters [9][15]. - The architectural aesthetics are elevated with a curved glass curtain wall design, creating a new urban interface that embodies beauty and a sense of upward growth [11][15]. - The layout allows for seven different lifestyle experiences, catering to various family structures and personal needs, thus enhancing the versatility of courtyard living [13][15]. Group 2: Evolution of Living Spaces - The evolution of movement within the home transitions from "functional separation" to "scene integration," fostering deeper emotional connections among family members [16][15]. - The master bedroom evolves from merely a sleeping area to a personalized private domain, enhancing quality of life and spiritual enjoyment [18][15]. - Living scenarios shift from fixed functions to customizable experiences, allowing for diverse activities and interactions within the home [20][15]. - The design emphasizes spaciousness and comfort, with all bedrooms exceeding 3 meters in width, providing a superior living experience compared to traditional high-rise apartments [21][15]. Group 3: Community and Lifestyle Integration - The elevated community experience transforms the previously neglected ground floor into a multifunctional living space, enhancing social interactions and activities [23][15]. - Social interactions among residents are redefined, offering a high-end experience akin to a clubhouse, facilitating community events and private gatherings [25][15]. - The landscape design integrates functional elements, creating immersive community experiences that blend nature with service [27][15]. Group 4: Market Position and Future Outlook - The fourth-generation residential model is not merely about larger spaces but focuses on understanding and meeting the evolving needs of urban families, providing sustainable living solutions [29][15]. - As one of the pioneers in developing fourth-generation housing, the company has established a benchmark in the market, particularly in Lanzhou, where it has successfully introduced this innovative housing type [29][15].

Investment Rating - The report maintains a "Positive" outlook for the real estate industry [7] Core Viewpoints - Since Q2 of this year, real estate data has shown a continuous downward trend, yet there has been a notable hot sales performance for quality new properties in multiple regions. This contradiction is understood as a release of improvement-driven demand due to the introduction of high-efficiency residential projects, although the overall new housing market stabilization will require more time [2][4] - The recovery of the real estate industry and stock prices does not solely depend on the timing of policy implementations. The main drivers for the recovery are the decline in risk-free interest rates and the reduction in industry risk assessments. The real estate sector is currently in a bottoming phase, with the influence of the denominator (risk-free rates) surpassing that of the numerator (fundamentals), leading to a potential rebound in stock prices [3][4] Summary by Sections Market Performance - From January to July, the cumulative sales of commercial housing in China decreased by 6.5% in value and 4.0% in area year-on-year. In July alone, sales amounted to 532.5 billion, down 14.1% year-on-year, with a sales area of 57.09 million square meters, down 8.4% year-on-year [4] - The price of newly built commercial residential properties in first, second, and third-tier cities fell by 1.1%, 2.8%, and 4.2% year-on-year, respectively, with the decline narrowing compared to the previous month. Notably, Shanghai saw a price increase of 6.1% due to concentrated demand for high-end and improved housing [4] Policy Outlook - Given the weakening trend in the new housing market, there is significant room for future policy adjustments. Recent policy changes in Beijing and Shanghai include optimizing purchase restrictions and increasing support for housing funds, with expectations for Shenzhen to follow suit [5] - The year-on-year decline in new construction has been narrowing, attributed to improved cost-effectiveness of new land parcels, enhancing developers' profit outlook. From January to July, new construction area decreased by 19.4% year-on-year, but the decline has been narrowing for two consecutive months [5] Investment Recommendations - Recommended stocks to watch include China Merchants Shekou (001979, Buy), Poly Developments (600048, Buy), Beike-W (02423, Buy), Longfor Group (00960, Buy), and Gemdale Corporation (600383, Hold) [6]

Core Viewpoint - The article discusses the innovative design of the fourth-generation residential properties, focusing on balancing openness and privacy in living spaces, particularly addressing the issue of visual interference between neighbors [5][21]. Group 1: Design Innovations - The fourth-generation residential properties have gained market attention due to advantages such as high usable area and innovative sky gardens, but they also face challenges related to privacy due to visual interference from neighbors [5]. - The Chongqing Haicheng Yunhu Jun project employs a unique vertical space planning strategy to resolve the issue of visual interference between floors by offsetting the terraces of odd and even floors and incorporating solid walls above the terraces [7][20]. - The Chongqing Longfor Yuhujing project introduces a "floating courtyard system" that optimizes traditional end-hall layouts, ensuring privacy while maintaining natural light through strategic design [14][17]. Group 2: Privacy Solutions - The design of the Chongqing Haicheng Yunhu Jun includes a central placement of odd-numbered floor terraces, which are shielded from neighbors by the master bedroom, while even-numbered terraces are surrounded by garden vegetation, providing a natural visual barrier [10]. - The Longfor Yuhujing project features a layout that allows for two-sided lighting while avoiding visual interference, with solid walls strategically placed to create visual blind spots for upper neighbors [17]. - The innovative practices of both projects demonstrate that privacy issues in fourth-generation residential designs can be effectively addressed through optimized layouts, appealing to customers with high privacy requirements [20][21].

Investment Rating - The report does not explicitly provide an investment rating for the industry Core Insights - The report highlights the ongoing innovation and iteration in residential products, particularly in the light luxury segment, driven by evolving consumer demands and preferences Group 1: Fourth Generation Residential Privacy and Lighting Optimization - Fourth generation residential products are continuously innovating to enhance privacy and lighting, with examples like Jiaxing Fuxiang Garden implementing effective privacy protection measures using frosted glass and vegetation [2][6] - Chongqing Longfor Yuhujing employs innovative spatial separation solutions to eliminate visual interference, achieving a new standard of privacy in fourth generation residences [8] Group 2: Community Focus on Children's Learning and Relaxation Spaces - The report emphasizes the importance of creating children's learning and growth spaces within communities, as families with children represent a significant portion of the target market [14] - Projects like Huafa Zhuhai Bay and Beijing招商序 are innovating in children's activity spaces, integrating educational elements and promoting a balanced lifestyle [17][18] Group 3: Localization and Cultural Integration - The report discusses the shift from superficial regional expressions to deeper explorations of local culture in residential products, with projects like Chengdu招商锦城序 incorporating local natural beauty into their landscape design [26][28] - Guangzhou's Yuexiu Longyue Xiguan focuses on local culinary habits, such as providing specialized kitchen designs for soup preparation, reflecting a commitment to regional lifestyle [30][31] Group 4: Small Plot Development and Value Enhancement - The report notes the increasing interest in small land plots by developers, which, despite spatial limitations, can foster innovation and lead to high-quality, unique products [40] - Shanghai Zhongtie World Expo Cloud Realm exemplifies this trend by creating a community entrance that enhances the living experience and fosters community interaction within a compact space [41][43]