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【客研月报 005】2025年1-2月:成都房地产客户研究月报 已修改 第1次修改 2025年03月01日 15时31分 郑永祥

发布于 2025-02-28

<p><strong style="font-size: 24px;letter-spacing: 0.034em;"><span style="text-decoration: underline;font-family: 宋体;"></span></strong></p><h2 style="margin-left: 0pt;text-indent: 0pt;padding: 0pt;vertical-align: baseline;background: rgb(255, 255, 255);margin-bottom: 24px;"><span style="text-decoration: underline;font-size: 24px;"><strong><span style="text-decoration: underline;font-family: &quot;Segoe UI&quot;;letter-spacing: 0pt;background-image: initial;background-position: initial;background-size: initial;background-repeat: initial;background-attachment: initial;background-origin: initial;background-clip: initial;"></span></strong></span></h2><p><span style="font-size: 24px;text-decoration: underline;"><strong><span style="text-decoration: underline;font-size: 24px;font-family: 宋体;">一、市场概况</span></strong></span><strong><span style="font-family: Calibri;font-size: 14pt;"><o:p></o:p></span></strong></p><p><strong><span style="font-family: Calibri;font-size: 10.5pt;"></span></strong><strong><span style="font-size: 10.5pt;font-family: 宋体;">1.整体市场表现</span></strong><o:p></o:p></p><ul class="list-paddingleft-1" style="list-style-type: disc;"><li><p><span style="mso-spacerun:&#39;yes&#39;;font-family:Calibri;mso-fareast-font-family:宋体;mso-bidi-font-family:&#39;Times New Roman&#39;;font-size:10.5000pt;mso-font-kerning:1.0000pt;"></span><strong><span style="font-family: Calibri;font-size: 10.5pt;"><span style="font-family:宋体;">成交量:</span></span></strong><span style="mso-spacerun:&#39;yes&#39;;font-family:Calibri;mso-fareast-font-family:宋体;mso-bidi-font-family:&#39;Times New Roman&#39;;font-size:10.5000pt;mso-font-kerning:1.0000pt;">1<span style="font-family:宋体;">月新房成交</span><span style="font-family:Calibri;">7095</span><span style="font-family:宋体;">套,同比下滑</span><span style="font-family:Calibri;">21.4%</span><span style="font-family:宋体;">;二手房成交</span><span style="font-family:Calibri;">17194</span><span style="font-family:宋体;">套,同比微涨</span><span style="font-family:Calibri;">0.3%</span><span style="font-family:宋体;">。</span><span style="font-family:Calibri;">2</span><span style="font-family:宋体;">月节后市场快速回暖,新房成交面积环比暴涨</span><span style="font-family:Calibri;">1510%</span><span style="font-family:宋体;">,二手房环比增长</span><span style="font-family:Calibri;">1103%</span><span style="font-family:宋体;">。</span></span><span style="mso-spacerun:&#39;yes&#39;;font-family:Calibri;mso-fareast-font-family:宋体;mso-bidi-font-family:&#39;Times New Roman&#39;;font-size:10.5000pt;mso-font-kerning:1.0000pt;"><o:p></o:p></span></p></li><li><p style="text-align: left;"><span style="mso-spacerun:&#39;yes&#39;;font-family:Calibri;mso-fareast-font-family:宋体;mso-bidi-font-family:&#39;Times New Roman&#39;;font-size:10.5000pt;mso-font-kerning:1.0000pt;"></span><strong><span style="font-family: Calibri;font-size: 10.5pt;"><span style="font-family:宋体;">价格趋势:</span></span></strong><span style="mso-spacerun:&#39;yes&#39;;font-family:Calibri;mso-fareast-font-family:宋体;mso-bidi-font-family:&#39;Times New Roman&#39;;font-size:10.5000pt;mso-font-kerning:1.0000pt;"><span style="font-family:宋体;">核心区房价结构性上涨,天府新区新房均价突破</span>3<span style="font-family:宋体;">万元</span><span style="font-family:Calibri;">/</span><span style="font-family:宋体;">㎡(同比</span><span style="font-family:Calibri;">+13.97%</span><span style="font-family:宋体;">),金融城板块二手房成交价达</span><span style="font-family:Calibri;">3.5</span><span style="font-family:宋体;">万</span><span style="font-family:Calibri;">/</span><span style="font-family:宋体;">㎡;远郊区域如简阳、邛崃价格同比下跌</span><span style="font-family:Calibri;">3%-5%</span><span style="font-family:宋体;">。</span></span><span style="mso-spacerun:&#39;yes&#39;;font-family:Calibri;mso-fareast-font-family:宋体;mso-bidi-font-family:&#39;Times New Roman&#39;;font-size:10.5000pt;mso-font-kerning:1.0000pt;"><o:p></o:p></span></p></li></ul><section style="margin-top: 24px;"><strong><span style="font-family: Calibri;font-size: 10.5pt;"></span></strong><strong><span style="font-size: 10.5pt;font-family: 宋体;">2.政策与热点事件</span></strong><span style="mso-spacerun:&#39;yes&#39;;font-family:Calibri;mso-fareast-font-family:宋体;mso-bidi-font-family:&#39;Times New Roman&#39;;font-size:10.5000pt;mso-font-kerning:1.0000pt;"></span><span style="mso-spacerun:&#39;yes&#39;;font-family:Calibri;mso-fareast-font-family:宋体;mso-bidi-font-family:&#39;Times New Roman&#39;;font-size:10.5000pt;mso-font-kerning:1.0000pt;"><o:p></o:p></span></section><ul class="list-paddingleft-1" style="list-style-type: disc;"><li><p><span style="mso-spacerun:&#39;yes&#39;;font-family:Calibri;mso-fareast-font-family:宋体;mso-bidi-font-family:&#39;Times New Roman&#39;;font-size:10.5000pt;mso-font-kerning:1.0000pt;"></span><strong><span style="font-family: Calibri;font-size: 10.5pt;"><span style="font-family:宋体;">政策松绑:</span></span></strong><span style="mso-spacerun:&#39;yes&#39;;font-family:Calibri;mso-fareast-font-family:宋体;mso-bidi-font-family:&#39;Times New Roman&#39;;font-size:10.5000pt;mso-font-kerning:1.0000pt;"><span style="font-family:宋体;">首套房贷利率降至</span>3.0%<span style="font-family:宋体;">(</span><span style="font-family:Calibri;">LPR-60BP</span><span style="font-family:宋体;">),公积金贷款期限延长至男性</span><span style="font-family:Calibri;">68</span><span style="font-family:宋体;">岁、女性</span><span style="font-family:Calibri;">63</span><span style="font-family:宋体;">岁;新都区推出</span><span style="font-family:Calibri;">“</span><span style="font-family:宋体;">团购补贴</span><span style="font-family:Calibri;">”</span><span style="font-family:宋体;">(最高</span><span style="font-family:Calibri;">3</span><span style="font-family:宋体;">万元</span><span style="font-family:Calibri;">/</span><span style="font-family:宋体;">套)</span></span><span style="font-family: 宋体;font-size: 10.5pt;letter-spacing: 0.034em;">。</span></p></li><li><p><span style="mso-spacerun:&#39;yes&#39;;font-family:Calibri;mso-fareast-font-family:宋体;mso-bidi-font-family:&#39;Times New Roman&#39;;font-size:10.5000pt;mso-font-kerning:1.0000pt;"></span><strong><span style="font-family: Calibri;font-size: 10.5pt;"><span style="font-family:宋体;">产业驱动:</span></span></strong><span style="mso-spacerun:&#39;yes&#39;;font-family:Calibri;mso-fareast-font-family:宋体;mso-bidi-font-family:&#39;Times New Roman&#39;;font-size:10.5000pt;mso-font-kerning:1.0000pt;"><span style="font-family:宋体;">天府新区新增阿里巴巴西部总部、华为数字能源中心等</span>50+<span style="font-family:宋体;">头部企业,带动高端人才购房需求激增。</span></span><span style="mso-spacerun:&#39;yes&#39;;font-family:Calibri;mso-fareast-font-family:宋体;mso-bidi-font-family:&#39;Times New Roman&#39;;font-size:10.5000pt;mso-font-kerning:1.0000pt;"><o:p></o:p></span></p></li><li><p><span style="mso-spacerun:&#39;yes&#39;;font-family:Calibri;mso-fareast-font-family:宋体;mso-bidi-font-family:&#39;Times New Roman&#39;;font-size:10.5000pt;mso-font-kerning:1.0000pt;"></span><strong><span style="font-family: Calibri;font-size: 10.5pt;"><span style="font-family:宋体;">重大项目:</span></span></strong><span style="mso-spacerun:&#39;yes&#39;;font-family:Calibri;mso-fareast-font-family:宋体;mso-bidi-font-family:&#39;Times New Roman&#39;;font-size:10.5000pt;mso-font-kerning:1.0000pt;"><span style="font-family:宋体;">开工、建设,提升区域配套价值。</span></span><span style="mso-spacerun:&#39;yes&#39;;font-family:Calibri;mso-fareast-font-family:宋体;mso-bidi-font-family:&#39;Times New Roman&#39;;font-size:10.5000pt;mso-font-kerning:1.0000pt;"><o:p></o:p></span></p></li></ul><section style="margin-top: 24px;"><strong><span style="font-family: Calibri;font-size: 14pt;"><span style="font-family:Calibri;"></span></span></strong><span style="font-size: 24px;text-decoration: underline;"><strong><span style="text-decoration: underline;font-size: 24px;font-family: 宋体;">二、客户画像分析</span></strong></span><span style="mso-spacerun:&#39;yes&#39;;font-family:Calibri;mso-fareast-font-family:宋体;mso-bidi-font-family:&#39;Times New Roman&#39;;font-size:10.5000pt;mso-font-kerning:1.0000pt;"></span><span style="mso-spacerun:&#39;yes&#39;;font-family:Calibri;mso-fareast-font-family:宋体;mso-bidi-font-family:&#39;Times New Roman&#39;;font-size:10.5000pt;mso-font-kerning:1.0000pt;"><o:p></o:p></span></section><p><strong><span style="font-size: 10.5pt;font-family: 宋体;">1.基础特征</span></strong><span style="mso-spacerun:&#39;yes&#39;;font-family:Calibri;mso-fareast-font-family:宋体;mso-bidi-font-family:&#39;Times New Roman&#39;;font-size:10.5000pt;mso-font-kerning:1.0000pt;"><o:p></o:p></span></p><ul class="list-paddingleft-1" style="list-style-type: disc;"><li><p><span style="mso-spacerun:&#39;yes&#39;;font-family:Calibri;mso-fareast-font-family:宋体;mso-bidi-font-family:&#39;Times New Roman&#39;;font-size:10.5000pt;mso-font-kerning:1.0000pt;"></span><strong><span style="font-family: Calibri;font-size: 10.5pt;"><span style="font-family:宋体;">人群构成:</span></span></strong><span style="mso-spacerun:&#39;yes&#39;;font-family:Calibri;mso-fareast-font-family:宋体;mso-bidi-font-family:&#39;Times New Roman&#39;;font-size:10.5000pt;mso-font-kerning:1.0000pt;"><span style="font-family:宋体;">改善型客户占</span></span><span style="mso-spacerun:&#39;yes&#39;;font-family:Calibri;mso-fareast-font-family:宋体;mso-bidi-font-family:&#39;Times New Roman&#39;;font-size:10.5000pt;mso-font-kerning:1.0000pt;"><span style="font-family:宋体;">比</span>60%<span style="font-family:宋体;">(总价</span><span style="font-family:Calibri;">500</span><span style="font-family:宋体;">万</span><span style="font-family:Calibri;">+</span><span style="font-family:宋体;">),以</span><span style="font-family:Calibri;">35-45</span><span style="font-family:宋体;">岁科技、金融从业者为主;天府新区生物城、科学城新增就业人口</span><span style="font-family:Calibri;">10</span><span style="font-family:宋体;">万</span><span style="font-family:Calibri;">+</span><span style="font-family:宋体;">,刚性需求占比</span><span style="font-family:Calibri;">45%</span><span style="font-family:宋体;">。</span></span><span style="mso-spacerun:&#39;yes&#39;;font-family:Calibri;mso-fareast-font-family:宋体;mso-bidi-font-family:&#39;Times New Roman&#39;;font-size:10.5000pt;mso-font-kerning:1.0000pt;"><o:p></o:p></span></p></li><li><p><span style="mso-spacerun:&#39;yes&#39;;font-family:Calibri;mso-fareast-font-family:宋体;mso-bidi-font-family:&#39;Times New Roman&#39;;font-size:10.5000pt;mso-font-kerning:1.0000pt;"></span><strong><span style="font-family: Calibri;font-size: 10.5pt;"><span style="font-family:宋体;">收入分层:</span></span></strong><span style="mso-spacerun:&#39;yes&#39;;font-family:Calibri;mso-fareast-font-family:宋体;mso-bidi-font-family:&#39;Times New Roman&#39;;font-size:10.5000pt;mso-font-kerning:1.0000pt;"><span style="font-family:宋体;">核心区高端购房者家庭年收入</span>80<span style="font-family:宋体;">万</span><span style="font-family:Calibri;">+</span><span style="font-family:宋体;">,近郊刚需客户年收入集中在</span><span style="font-family:Calibri;">30</span><span style="font-family:宋体;">万</span><span style="font-family:Calibri;">-50</span><span style="font-family:宋体;">万元。</span></span><span style="mso-spacerun:&#39;yes&#39;;font-family:Calibri;mso-fareast-font-family:宋体;mso-bidi-font-family:&#39;Times New Roman&#39;;font-size:10.5000pt;mso-font-kerning:1.0000pt;"><o:p></o:p></span></p></li></ul><section style="margin-top: 24px;"><strong><span style="font-size: 10.5pt;font-family: 宋体;">2.行为偏好</span></strong><span style="mso-spacerun:&#39;yes&#39;;font-family:Calibri;mso-fareast-font-family:宋体;mso-bidi-font-family:&#39;Times New Roman&#39;;font-size:10.5000pt;mso-font-kerning:1.0000pt;"><o:p></o:p></span></section><ul class="list-paddingleft-1" style="list-style-type: disc;"><li><p><span style="mso-spacerun:&#39;yes&#39;;font-family:Calibri;mso-fareast-font-family:宋体;mso-bidi-font-family:&#39;Times New Roman&#39;;font-size:10.5000pt;mso-font-kerning:1.0000pt;"></span><strong><span style="font-family: Calibri;font-size: 10.5pt;"><span style="font-family:宋体;">产品选择:</span></span></strong><span style="mso-spacerun:&#39;yes&#39;;font-family:Calibri;mso-fareast-font-family:宋体;mso-bidi-font-family:&#39;Times New Roman&#39;;font-size:10.5000pt;mso-font-kerning:1.0000pt;">120-144<span style="font-family:宋体;">㎡大平层成交占比</span><span style="font-family:Calibri;">38%</span><span style="font-family:宋体;">,金融城、麓湖生态城等低密洋房去化周期缩短至</span><span style="font-family:Calibri;">4</span><span style="font-family:宋体;">个月;二手房市场</span><span style="font-family:Calibri;">90</span><span style="font-family:宋体;">㎡以下小户型占比</span><span style="font-family:Calibri;">85%</span><span style="font-family:宋体;">。</span></span><span style="mso-spacerun:&#39;yes&#39;;font-family:Calibri;mso-fareast-font-family:宋体;mso-bidi-font-family:&#39;Times New Roman&#39;;font-size:10.5000pt;mso-font-kerning:1.0000pt;"><o:p></o:p></span></p></li><li><p><span style="mso-spacerun:&#39;yes&#39;;font-family:Calibri;mso-fareast-font-family:宋体;mso-bidi-font-family:&#39;Times New Roman&#39;;font-size:10.5000pt;mso-font-kerning:1.0000pt;"></span><strong><span style="font-family: Calibri;font-size: 10.5pt;"><span style="font-family:宋体;">决策因素:</span></span></strong><span style="mso-spacerun:&#39;yes&#39;;font-family:Calibri;mso-fareast-font-family:宋体;mso-bidi-font-family:&#39;Times New Roman&#39;;font-size:10.5000pt;mso-font-kerning:1.0000pt;"><span style="font-family:宋体;">改善客户优先考虑</span><span style="font-family:Calibri;">“</span><span style="font-family:宋体;">九年一贯制学校</span><span style="font-family:Calibri;">”</span><span style="font-family:宋体;">和</span><span style="font-family:Calibri;">TOD</span><span style="font-family:宋体;">交通(如地铁</span><span style="font-family:Calibri;">8</span><span style="font-family:宋体;">号线、</span><span style="font-family:Calibri;">17</span><span style="font-family:宋体;">号线二期),刚需群体聚焦总价</span><span style="font-family:Calibri;">200</span><span style="font-family:宋体;">万以内现房。</span></span><span style="mso-spacerun:&#39;yes&#39;;font-family:Calibri;mso-fareast-font-family:宋体;mso-bidi-font-family:&#39;Times New Roman&#39;;font-size:10.5000pt;mso-font-kerning:1.0000pt;"><o:p></o:p></span></p></li></ul><section style="margin-top: 24px;"><span style="mso-spacerun:&#39;yes&#39;;font-family:Calibri;mso-fareast-font-family:宋体;mso-bidi-font-family:&#39;Times New Roman&#39;;font-size:10.5000pt;mso-font-kerning:1.0000pt;"></span><span style="font-size: 24px;text-decoration: underline;"><strong><span style="text-decoration: underline;font-size: 24px;font-family: 宋体;">三、区域市场对比</span></strong></span><strong><span style="font-family: Calibri;font-size: 14pt;"><span style="font-family:Calibri;"></span></span></strong><strong><span style="font-family: Calibri;font-size: 14pt;"><o:p></o:p></span></strong></section><p><strong><span style="font-size: 10.5pt;font-family: 宋体;">1.分区域表现</span></strong><strong><span style="font-family: Calibri;font-size: 10.5pt;"><o:p></o:p></span></strong></p><ul class="list-paddingleft-1" style="list-style-type: disc;"><li><p><span style="mso-spacerun:&#39;yes&#39;;font-family:Calibri;mso-fareast-font-family:宋体;mso-bidi-font-family:&#39;Times New Roman&#39;;font-size:10.5000pt;mso-font-kerning:1.0000pt;"></span><strong><span style="font-family: Calibri;font-size: 10.5pt;"><span style="font-family:宋体;">核心区:</span></span></strong><span style="mso-spacerun:&#39;yes&#39;;font-family:Calibri;mso-fareast-font-family:宋体;mso-bidi-font-family:&#39;Times New Roman&#39;;font-size:10.5000pt;mso-font-kerning:1.0000pt;"><span style="font-family:宋体;">高新南金融城板块二手房成交价</span>3.5<span style="font-family:宋体;">万</span><span style="font-family:Calibri;">/</span><span style="font-family:宋体;">㎡(涨幅</span><span style="font-family:Calibri;">8%</span><span style="font-family:宋体;">),天府新区锦江生态带次新房成交周期缩短至</span><span style="font-family:Calibri;">30</span><span style="font-family:宋体;">天。</span></span><span style="mso-spacerun:&#39;yes&#39;;font-family:Calibri;mso-fareast-font-family:宋体;mso-bidi-font-family:&#39;Times New Roman&#39;;font-size:10.5000pt;mso-font-kerning:1.0000pt;"><o:p></o:p></span></p></li><li><p><span style="mso-spacerun:&#39;yes&#39;;font-family:Calibri;mso-fareast-font-family:宋体;mso-bidi-font-family:&#39;Times New Roman&#39;;font-size:10.5000pt;mso-font-kerning:1.0000pt;"></span><strong><span style="font-family: Calibri;font-size: 10.5pt;"><span style="font-family:宋体;">近郊:</span></span></strong><span style="mso-spacerun:&#39;yes&#39;;font-family:Calibri;mso-fareast-font-family:宋体;mso-bidi-font-family:&#39;Times New Roman&#39;;font-size:10.5000pt;mso-font-kerning:1.0000pt;"><span style="font-family:宋体;">龙泉大面板块新房均价</span>1.7<span style="font-family:宋体;">万</span><span style="font-family:Calibri;">/</span><span style="font-family:宋体;">㎡,与主城三圣乡(</span><span style="font-family:Calibri;">1.6</span><span style="font-family:宋体;">万</span><span style="font-family:Calibri;">/</span><span style="font-family:宋体;">㎡)价差缩小,外溢需求减弱。</span></span><span style="mso-spacerun:&#39;yes&#39;;font-family:Calibri;mso-fareast-font-family:宋体;mso-bidi-font-family:&#39;Times New Roman&#39;;font-size:10.5000pt;mso-font-kerning:1.0000pt;"><o:p></o:p></span></p></li><li><p><span style="mso-spacerun:&#39;yes&#39;;font-family:Calibri;mso-fareast-font-family:宋体;mso-bidi-font-family:&#39;Times New Roman&#39;;font-size:10.5000pt;mso-font-kerning:1.0000pt;"></span><strong><span style="font-family: Calibri;font-size: 10.5pt;"><span style="font-family:宋体;">远郊:</span></span></strong><span style="mso-spacerun:&#39;yes&#39;;font-family:Calibri;mso-fareast-font-family:宋体;mso-bidi-font-family:&#39;Times New Roman&#39;;font-size:10.5000pt;mso-font-kerning:1.0000pt;"><span style="font-family:宋体;">简阳、邛崃库存去化周期超</span>20<span style="font-family:宋体;">个月,部分项目通过</span><span style="font-family:Calibri;">“</span><span style="font-family:宋体;">暗降</span><span style="font-family:Calibri;">5%-10%”</span><span style="font-family:宋体;">刺激成交。</span></span><span style="mso-spacerun:&#39;yes&#39;;font-family:Calibri;mso-fareast-font-family:宋体;mso-bidi-font-family:&#39;Times New Roman&#39;;font-size:10.5000pt;mso-font-kerning:1.0000pt;"><o:p></o:p></span></p></li></ul><section style="margin-top: 24px;"><strong><span style="font-family: Calibri;font-size: 10.5pt;"></span></strong><strong><span style="font-size: 10.5pt;font-family: 宋体;">2.板块</span></strong><strong><span style="font-family: Calibri;font-size: 10.5pt;"><span style="font-family:宋体;">价值分析</span></span></strong><span style="mso-spacerun:&#39;yes&#39;;font-family:Calibri;mso-fareast-font-family:宋体;mso-bidi-font-family:&#39;Times New Roman&#39;;font-size:10.5000pt;mso-font-kerning:1.0000pt;"></span><span style="mso-spacerun:&#39;yes&#39;;font-family:Calibri;mso-fareast-font-family:宋体;mso-bidi-font-family:&#39;Times New Roman&#39;;font-size:10.5000pt;mso-font-kerning:1.0000pt;"><o:p></o:p></span></section><ul class="list-paddingleft-1" style="list-style-type: disc;"><li><section style="margin-bottom: 24px;"><span style="mso-spacerun:&#39;yes&#39;;font-family:Calibri;mso-fareast-font-family:宋体;mso-bidi-font-family:&#39;Times New Roman&#39;;font-size:10.5000pt;mso-font-kerning:1.0000pt;"></span><strong><span style="font-family: Calibri;font-size: 10.5pt;"><span style="font-family:宋体;">高潜力板块:</span></span></strong><span style="mso-spacerun:&#39;yes&#39;;font-family:Calibri;mso-fareast-font-family:宋体;mso-bidi-font-family:&#39;Times New Roman&#39;;font-size:10.5000pt;mso-font-kerning:1.0000pt;"><o:p></o:p></span></section></li></ul><section style="line-height: normal;"><span style="mso-spacerun:&#39;yes&#39;;font-family:Calibri;mso-fareast-font-family:宋体;mso-bidi-font-family:&#39;Times New Roman&#39;;font-size:10.5000pt;mso-font-kerning:1.0000pt;"></span><strong><span style="font-family: Calibri;font-size: 10.5pt;"><span style="font-family:宋体;">&nbsp; &nbsp;金融城三期:</span></span></strong><span style="mso-spacerun:&#39;yes&#39;;font-family:Calibri;mso-fareast-font-family:宋体;mso-bidi-font-family:&#39;Times New Roman&#39;;font-size:10.5000pt;mso-font-kerning:1.0000pt;"><span style="font-family:宋体;">贝壳以</span>2.73<span style="font-family:宋体;">万</span><span style="font-family:Calibri;">/</span><span style="font-family:宋体;">㎡楼面价拿地,规划全幕墙高端住宅;</span></span><span style="mso-spacerun:&#39;yes&#39;;font-family:Calibri;mso-fareast-font-family:宋体;mso-bidi-font-family:&#39;Times New Roman&#39;;font-size:10.5000pt;mso-font-kerning:1.0000pt;"><o:p></o:p></span></section><section style="line-height: normal;"><span style="mso-spacerun:&#39;yes&#39;;font-family:Calibri;mso-fareast-font-family:宋体;mso-bidi-font-family:&#39;Times New Roman&#39;;font-size:10.5000pt;mso-font-kerning:1.0000pt;"></span><strong><span style="font-family: Calibri;font-size: 10.5pt;"><span style="font-family:宋体;">&nbsp; &nbsp;杉板桥二八板块:</span></span></strong><span style="mso-spacerun:&#39;yes&#39;;font-family:Calibri;mso-fareast-font-family:宋体;mso-bidi-font-family:&#39;Times New Roman&#39;;font-size:10.5000pt;mso-font-kerning:1.0000pt;"><span style="font-family:宋体;">总价</span>200<span style="font-family:宋体;">万</span><span style="font-family:Calibri;">-300</span><span style="font-family:宋体;">万房源占比</span><span style="font-family:Calibri;">60%</span><span style="font-family:宋体;">,地铁通车后地缘客成交占比提升至</span><span style="font-family:Calibri;">70%</span><span style="font-family:宋体;">。</span></span><span style="mso-spacerun:&#39;yes&#39;;font-family:Calibri;mso-fareast-font-family:宋体;mso-bidi-font-family:&#39;Times New Roman&#39;;font-size:10.5000pt;mso-font-kerning:1.0000pt;"><o:p></o:p></span></section><ul class="list-paddingleft-1" style="list-style-type: disc;"><li><p><span style="mso-spacerun:&#39;yes&#39;;font-family:Calibri;mso-fareast-font-family:宋体;mso-bidi-font-family:&#39;Times New Roman&#39;;font-size:10.5000pt;mso-font-kerning:1.0000pt;"></span><strong><span style="font-family: Calibri;font-size: 10.5pt;"><span style="font-family:宋体;">风险板块:</span></span></strong><span style="mso-spacerun:&#39;yes&#39;;font-family:Calibri;mso-fareast-font-family:宋体;mso-bidi-font-family:&#39;Times New Roman&#39;;font-size:10.5000pt;mso-font-kerning:1.0000pt;"><span style="font-family:宋体;">青龙湖、视高等远郊区域因土地供应过剩,价格回调压力显著。</span></span><span style="mso-spacerun:&#39;yes&#39;;font-family:Calibri;mso-fareast-font-family:宋体;mso-bidi-font-family:&#39;Times New Roman&#39;;font-size:10.5000pt;mso-font-kerning:1.0000pt;"><o:p></o:p></span></p></li></ul><section style="margin-top: 24px;"><span style="font-size: 24px;text-decoration: underline;"><strong><span style="font-size: 24px;text-decoration: underline;font-family: 宋体;">四、竞争格局</span></strong></span><strong><span style="font-family: Calibri;font-size: 14pt;"><o:p></o:p></span></strong></section><p><span style="mso-spacerun:&#39;yes&#39;;font-family:Calibri;mso-fareast-font-family:宋体;mso-bidi-font-family:&#39;Times New Roman&#39;;font-size:10.5000pt;mso-font-kerning:1.0000pt;"></span><strong><span style="font-size: 10.5pt;font-family: 宋体;">1.头部房企策略</span></strong><span style="mso-spacerun:&#39;yes&#39;;font-family:Calibri;mso-fareast-font-family:宋体;mso-bidi-font-family:&#39;Times New Roman&#39;;font-size:10.5000pt;mso-font-kerning:1.0000pt;"></span><span style="mso-spacerun:&#39;yes&#39;;font-family:Calibri;mso-fareast-font-family:宋体;mso-bidi-font-family:&#39;Times New Roman&#39;;font-size:10.5000pt;mso-font-kerning:1.0000pt;"><o:p></o:p></span></p><ul class="list-paddingleft-1" style="list-style-type: disc;"><li><p><span style="mso-spacerun:&#39;yes&#39;;font-family:Calibri;mso-fareast-font-family:宋体;mso-bidi-font-family:&#39;Times New Roman&#39;;font-size:10.5000pt;mso-font-kerning:1.0000pt;"></span><strong><span style="font-family: Calibri;font-size: 10.5pt;"><span style="font-family:宋体;">华润置地:</span></span></strong><span style="mso-spacerun:&#39;yes&#39;;font-family:Calibri;mso-fareast-font-family:宋体;mso-bidi-font-family:&#39;Times New Roman&#39;;font-size:10.5000pt;mso-font-kerning:1.0000pt;">34<span style="font-family:宋体;">亿元竞得成华槐树店地块(楼面价</span><span style="font-family:Calibri;">2.04</span><span style="font-family:宋体;">万</span><span style="font-family:Calibri;">/</span><span style="font-family:宋体;">㎡),主打高端改善产品。</span></span><span style="mso-spacerun:&#39;yes&#39;;font-family:Calibri;mso-fareast-font-family:宋体;mso-bidi-font-family:&#39;Times New Roman&#39;;font-size:10.5000pt;mso-font-kerning:1.0000pt;"><o:p></o:p></span></p></li><li><p><span style="mso-spacerun:&#39;yes&#39;;font-family:Calibri;mso-fareast-font-family:宋体;mso-bidi-font-family:&#39;Times New Roman&#39;;font-size:10.5000pt;mso-font-kerning:1.0000pt;"></span><strong><span style="font-family: Calibri;font-size: 10.5pt;"><span style="font-family:宋体;">招商蛇口:</span></span></strong><span style="mso-spacerun:&#39;yes&#39;;font-family:Calibri;mso-fareast-font-family:宋体;mso-bidi-font-family:&#39;Times New Roman&#39;;font-size:10.5000pt;mso-font-kerning:1.0000pt;"><span style="font-family:宋体;">金融城交子缦华项目均价</span>6.5<span style="font-family:宋体;">万</span><span style="font-family:Calibri;">/</span><span style="font-family:宋体;">㎡,开盘去化率</span><span style="font-family:Calibri;">50%</span><span style="font-family:宋体;">,吸引省外购房者占比</span><span style="font-family:Calibri;">13%</span><span style="font-family:宋体;">。</span></span><span style="mso-spacerun:&#39;yes&#39;;font-family:Calibri;mso-fareast-font-family:宋体;mso-bidi-font-family:&#39;Times New Roman&#39;;font-size:10.5000pt;mso-font-kerning:1.0000pt;"><o:p></o:p></span></p></li></ul><section style="margin-top: 24px;"><strong><span style="font-size: 10.5pt;font-family: 宋体;">2.市场分化</span></strong><strong><span style="font-family: Calibri;font-size: 10.5pt;"><o:p></o:p></span></strong></section><ul class="list-paddingleft-1" style="list-style-type: disc;"><li><p><span style="mso-spacerun:&#39;yes&#39;;font-family:Calibri;mso-fareast-font-family:宋体;mso-bidi-font-family:&#39;Times New Roman&#39;;font-size:10.5000pt;mso-font-kerning:1.0000pt;"></span><strong><span style="font-family: Calibri;font-size: 10.5pt;"><span style="font-family:宋体;">二手房:</span></span></strong><span style="font-size: 10.5pt;font-family: 宋体;">链家、贝壳主导核心区房源,优质学区房去化周期缩短至3天;</span><span style="mso-spacerun:&#39;yes&#39;;font-family:Calibri;mso-fareast-font-family:宋体;mso-bidi-font-family:&#39;Times New Roman&#39;;font-size:10.5000pt;mso-font-kerning:1.0000pt;"><o:p></o:p></span></p></li><li><p><span style="mso-spacerun:&#39;yes&#39;;font-family:Calibri;mso-fareast-font-family:宋体;mso-bidi-font-family:&#39;Times New Roman&#39;;font-size:10.5000pt;mso-font-kerning:1.0000pt;"></span><strong><span style="font-family: Calibri;font-size: 10.5pt;"><span style="font-family:宋体;">新房:</span></span></strong><span style="mso-spacerun:&#39;yes&#39;;font-family:Calibri;mso-fareast-font-family:宋体;mso-bidi-font-family:&#39;Times New Roman&#39;;font-size:10.5000pt;mso-font-kerning:1.0000pt;"><span style="font-family:宋体;">国企主导核心区(如中海、金茂),民企在远郊加速去库存(恒大、融创)。</span></span><span style="mso-spacerun:&#39;yes&#39;;font-family:Calibri;mso-fareast-font-family:宋体;mso-bidi-font-family:&#39;Times New Roman&#39;;font-size:10.5000pt;mso-font-kerning:1.0000pt;"><o:p></o:p></span></p></li></ul><p style="margin-bottom: 24px;margin-top: 24px;"><span style="font-size: 24px;text-decoration: underline;"><strong><span style="font-size: 24px;text-decoration: underline;font-family: 宋体;">五、客户需求与痛点</span></strong></span><span style="mso-spacerun:&#39;yes&#39;;font-family:Calibri;mso-fareast-font-family:宋体;mso-bidi-font-family:&#39;Times New Roman&#39;;font-size:10.5000pt;mso-font-kerning:1.0000pt;"><o:p></o:p></span></p><p><span style="mso-spacerun:&#39;yes&#39;;font-family:Calibri;mso-fareast-font-family:宋体;mso-bidi-font-family:&#39;Times New Roman&#39;;font-size:10.5000pt;mso-font-kerning:1.0000pt;"></span><strong><span style="font-size: 10.5pt;font-family: 宋体;">1.核心需求</span></strong><strong><span style="font-family: Calibri;font-size: 10.5pt;"><span style="font-family:Calibri;"></span></span></strong><span style="mso-spacerun:&#39;yes&#39;;font-family:Calibri;mso-fareast-font-family:宋体;mso-bidi-font-family:&#39;Times New Roman&#39;;font-size:10.5000pt;mso-font-kerning:1.0000pt;"><o:p></o:p></span></p><ul class="list-paddingleft-1" style="list-style-type: disc;"><li><p><strong><span style="font-family: Calibri;font-size: 10.5pt;"><span style="font-family:宋体;">改善型:</span></span></strong><span style="mso-spacerun:&#39;yes&#39;;font-family:Calibri;mso-fareast-font-family:宋体;mso-bidi-font-family:&#39;Times New Roman&#39;;font-size:10.5000pt;mso-font-kerning:1.0000pt;"><span style="font-family:宋体;">教育资源(如金融城泡桐树小学)、社区智能化(人脸识别、智能停车);</span></span><span style="mso-spacerun:&#39;yes&#39;;font-family:Calibri;mso-fareast-font-family:宋体;mso-bidi-font-family:&#39;Times New Roman&#39;;font-size:10.5000pt;mso-font-kerning:1.0000pt;"><o:p></o:p></span></p></li><li><p><span style="mso-spacerun:&#39;yes&#39;;font-family:Calibri;mso-fareast-font-family:宋体;mso-bidi-font-family:&#39;Times New Roman&#39;;font-size:10.5000pt;mso-font-kerning:1.0000pt;"></span><strong><span style="font-family: Calibri;font-size: 10.5pt;"><span style="font-family:宋体;">刚需型:</span></span></strong><span style="mso-spacerun:&#39;yes&#39;;font-family:Calibri;mso-fareast-font-family:宋体;mso-bidi-font-family:&#39;Times New Roman&#39;;font-size:10.5000pt;mso-font-kerning:1.0000pt;"><span style="font-family:宋体;">地铁</span>1<span style="font-family:宋体;">公里内现房、低首付(首套</span><span style="font-family:Calibri;">15%</span><span style="font-family:宋体;">)。</span></span></p></li></ul><p style="margin-top: 24px;margin-bottom: 24px;"><span style="mso-spacerun:&#39;yes&#39;;font-family:Calibri;mso-fareast-font-family:宋体;mso-bidi-font-family:&#39;Times New Roman&#39;;font-size:10.5000pt;mso-font-kerning:1.0000pt;"><span style="font-family:宋体;"></span></span><strong style="font-size: var(--articleFontsize);letter-spacing: 0.034em;"><span style="font-size: 10.5pt;font-family: 宋体;">2.主要痛点</span></strong></p><ul class="list-paddingleft-1" style="list-style-type: disc;"><li><p><span style="mso-spacerun:&#39;yes&#39;;font-family:Calibri;mso-fareast-font-family:宋体;mso-bidi-font-family:&#39;Times New Roman&#39;;font-size:10.5000pt;mso-font-kerning:1.0000pt;"></span><strong><span style="font-family: Calibri;font-size: 10.5pt;"><span style="font-family:宋体;">价格倒挂:</span></span></strong><span style="mso-spacerun:&#39;yes&#39;;font-family:Calibri;mso-fareast-font-family:宋体;mso-bidi-font-family:&#39;Times New Roman&#39;;font-size:10.5000pt;mso-font-kerning:1.0000pt;"><span style="font-family:宋体;">远郊新房与二手房价差收窄至</span>5%-8%<span style="font-family:宋体;">,客户观望情绪加重;</span></span><span style="mso-spacerun:&#39;yes&#39;;font-family:Calibri;mso-fareast-font-family:宋体;mso-bidi-font-family:&#39;Times New Roman&#39;;font-size:10.5000pt;mso-font-kerning:1.0000pt;"><o:p></o:p></span></p></li><li><p><span style="mso-spacerun:&#39;yes&#39;;font-family:Calibri;mso-fareast-font-family:宋体;mso-bidi-font-family:&#39;Times New Roman&#39;;font-size:10.5000pt;mso-font-kerning:1.0000pt;"></span><strong><span style="font-family: Calibri;font-size: 10.5pt;"><span style="font-family:宋体;">置换成本:</span></span></strong><span style="mso-spacerun:&#39;yes&#39;;font-family:Calibri;mso-fareast-font-family:宋体;mso-bidi-font-family:&#39;Times New Roman&#39;;font-size:10.5000pt;mso-font-kerning:1.0000pt;"><span style="font-family:宋体;">核心区</span><span style="font-family:Calibri;">“</span><span style="font-family:宋体;">老破小</span><span style="font-family:Calibri;">”</span><span style="font-family:宋体;">业主面临增值税</span><span style="font-family:Calibri;">20%</span><span style="font-family:宋体;">及贷款限制,流动性下降。</span></span><span style="mso-spacerun:&#39;yes&#39;;font-family:Calibri;mso-fareast-font-family:宋体;mso-bidi-font-family:&#39;Times New Roman&#39;;font-size:10.5000pt;mso-font-kerning:1.0000pt;"><o:p></o:p></span></p></li></ul><section style="margin-top: 24px;"><span style="mso-spacerun:&#39;yes&#39;;font-family:Calibri;mso-fareast-font-family:宋体;mso-bidi-font-family:&#39;Times New Roman&#39;;font-size:10.5000pt;mso-font-kerning:1.0000pt;"></span><span style="font-size: 24px;text-decoration: underline;"><strong><span style="font-size: 24px;text-decoration: underline;font-family: 宋体;">六、风险与建议</span></strong></span><strong><span style="font-family: Calibri;font-size: 14pt;"><span style="font-family:Calibri;"></span></span></strong><strong><span style="font-family: Calibri;font-size: 14pt;"><o:p></o:p></span></strong></section><p><strong style="font-size: var(--articleFontsize);letter-spacing: 0.034em;"><span style="font-size: 10.5pt;font-family: 宋体;">1.风险提示</span></strong><strong><span style="font-family: Calibri;font-size: 10.5pt;"><o:p></o:p></span></strong></p><ul class="list-paddingleft-1" style="list-style-type: disc;"><li><p><strong><span style="font-family: Calibri;font-size: 10.5pt;"><span style="font-family:Calibri;"></span><span style="font-family:宋体;">库存压力:</span></span></strong><span style="mso-spacerun:&#39;yes&#39;;font-family:Calibri;mso-fareast-font-family:宋体;mso-bidi-font-family:&#39;Times New Roman&#39;;font-size:10.5000pt;mso-font-kerning:1.0000pt;"><span style="font-family:宋体;">近郊去化周期超</span>17<span style="font-family:宋体;">个月,</span><span style="font-family:Calibri;">2025</span><span style="font-family:宋体;">年拟供应保障房</span><span style="font-family:Calibri;">30</span><span style="font-family:宋体;">万套或挤压刚需市场;</span></span><span style="mso-spacerun:&#39;yes&#39;;font-family:Calibri;mso-fareast-font-family:宋体;mso-bidi-font-family:&#39;Times New Roman&#39;;font-size:10.5000pt;mso-font-kerning:1.0000pt;"><o:p></o:p></span></p></li><li><p><span style="mso-spacerun:&#39;yes&#39;;font-family:Calibri;mso-fareast-font-family:宋体;mso-bidi-font-family:&#39;Times New Roman&#39;;font-size:10.5000pt;mso-font-kerning:1.0000pt;"></span><strong><span style="font-family: Calibri;font-size: 10.5pt;"><span style="font-family:宋体;">政策不确定性:</span></span></strong><span style="mso-spacerun:&#39;yes&#39;;font-family:Calibri;mso-fareast-font-family:宋体;mso-bidi-font-family:&#39;Times New Roman&#39;;font-size:10.5000pt;mso-font-kerning:1.0000pt;"><span style="font-family:宋体;">房地产税试点风声下,多套房持有者加速资产腾挪。</span></span><span style="mso-spacerun:&#39;yes&#39;;font-family:Calibri;mso-fareast-font-family:宋体;mso-bidi-font-family:&#39;Times New Roman&#39;;font-size:10.5000pt;mso-font-kerning:1.0000pt;"><o:p></o:p></span></p></li></ul><p style="margin-top: 24px;"><strong style="font-size: var(--articleFontsize);letter-spacing: 0.034em;"><span style="font-size: 10.5pt;font-family: 宋体;">2.策略建议</span></strong><o:p></o:p></p><ul class="list-paddingleft-1" style="list-style-type: disc;"><li><p><strong><span style="font-family: Calibri;font-size: 10.5pt;"><span style="font-family:Calibri;"></span><span style="font-family:宋体;">房企:</span></span></strong><span style="mso-spacerun:&#39;yes&#39;;font-family:Calibri;mso-fareast-font-family:宋体;mso-bidi-font-family:&#39;Times New Roman&#39;;font-size:10.5000pt;mso-font-kerning:1.0000pt;"><span style="font-family:宋体;">核心区聚焦</span><span style="font-family:Calibri;">“</span><span style="font-family:宋体;">高得房率</span><span style="font-family:Calibri;">+</span><span style="font-family:宋体;">智能精装</span><span style="font-family:Calibri;">”</span><span style="font-family:宋体;">(如招商翎云阁),远郊项目推出</span><span style="font-family:Calibri;">“5</span><span style="font-family:宋体;">年保价回购</span><span style="font-family:Calibri;">”</span><span style="font-family:宋体;">条款;</span></span><span style="mso-spacerun:&#39;yes&#39;;font-family:Calibri;mso-fareast-font-family:宋体;mso-bidi-font-family:&#39;Times New Roman&#39;;font-size:10.5000pt;mso-font-kerning:1.0000pt;"><o:p></o:p></span></p></li><li><section style="margin-bottom: 24px;"><span style="mso-spacerun:&#39;yes&#39;;font-family:Calibri;mso-fareast-font-family:宋体;mso-bidi-font-family:&#39;Times New Roman&#39;;font-size:10.5000pt;mso-font-kerning:1.0000pt;"></span><strong><span style="font-family: Calibri;font-size: 10.5pt;"><span style="font-family:宋体;">客户:</span></span></strong><span style="mso-spacerun:&#39;yes&#39;;font-family:Calibri;mso-fareast-font-family:宋体;mso-bidi-font-family:&#39;Times New Roman&#39;;font-size:10.5000pt;mso-font-kerning:1.0000pt;"><span style="font-family:宋体;">改善群体优先天府新区现房(如麓湖生态城),刚需关注双流华府板块高性价比房源。</span></span><span style="mso-spacerun:&#39;yes&#39;;font-family:Calibri;mso-fareast-font-family:宋体;mso-bidi-font-family:&#39;Times New Roman&#39;;font-size:10.5000pt;mso-font-kerning:1.0000pt;"><o:p></o:p></span></section></li></ul><p><strong><span style="font-family: Calibri;font-size: 14pt;"><span style="font-family:Calibri;"></span></span></strong><span style="font-size: 24px;text-decoration: underline;"><strong><span style="font-size: 24px;text-decoration: underline;font-family: 宋体;">七、未来展望</span></strong></span><strong><span style="font-family: Calibri;font-size: 14pt;"><span style="font-family:Calibri;"></span></span></strong><strong><span style="font-family: Calibri;font-size: 14pt;"><o:p></o:p></span></strong></p><ul class="list-paddingleft-1" style="list-style-type: disc;"><li><p><span style="mso-spacerun:&#39;yes&#39;;font-family:Calibri;mso-fareast-font-family:宋体;mso-bidi-font-family:&#39;Times New Roman&#39;;font-size:10.5000pt;mso-font-kerning:1.0000pt;"></span><strong><span style="font-family: Calibri;font-size: 10.5pt;"><span style="font-family:宋体;">短期(</span>3-4<span style="font-family:宋体;">月):</span></span></strong><span style="mso-spacerun:&#39;yes&#39;;font-family:Calibri;mso-fareast-font-family:宋体;mso-bidi-font-family:&#39;Times New Roman&#39;;font-size:10.5000pt;mso-font-kerning:1.0000pt;"><span style="font-family:宋体;">政策驱动下,</span><span style="font-family:Calibri;">“</span><span style="font-family:宋体;">小阳春</span><span style="font-family:Calibri;">”</span><span style="font-family:宋体;">行情可期,核心区新房去化率或突破</span><span style="font-family:Calibri;">80%</span><span style="font-family:宋体;">,天府新区房价涨幅或达</span><span style="font-family:Calibri;">10%</span><span style="font-family:宋体;">。</span></span><span style="mso-spacerun:&#39;yes&#39;;font-family:Calibri;mso-fareast-font-family:宋体;mso-bidi-font-family:&#39;Times New Roman&#39;;font-size:10.5000pt;mso-font-kerning:1.0000pt;"><o:p></o:p></span></p></li><li><p><span style="mso-spacerun:&#39;yes&#39;;font-family:Calibri;mso-fareast-font-family:宋体;mso-bidi-font-family:&#39;Times New Roman&#39;;font-size:10.5000pt;mso-font-kerning:1.0000pt;"></span><strong><span style="font-family: Calibri;font-size: 10.5pt;"><span style="font-family:宋体;">中长期:</span></span></strong><span style="mso-spacerun:&#39;yes&#39;;font-family:Calibri;mso-fareast-font-family:宋体;mso-bidi-font-family:&#39;Times New Roman&#39;;font-size:10.5000pt;mso-font-kerning:1.0000pt;"><span style="font-family:宋体;">轨道交通</span>17<span style="font-family:宋体;">号线、低空经济(</span><span style="font-family:Calibri;">140</span><span style="font-family:宋体;">个起降设施)带动通州、简阳价值重塑;</span><span style="font-family:Calibri;">“</span><span style="font-family:宋体;">第四代住宅</span><span style="font-family:Calibri;">”</span><span style="font-family:宋体;">产品溢价率较传统住宅高</span><span style="font-family:Calibri;">25%</span><span style="font-family:宋体;">。</span></span><span style="mso-spacerun:&#39;yes&#39;;font-family:Calibri;mso-fareast-font-family:宋体;mso-bidi-font-family:&#39;Times New Roman&#39;;font-size:10.5000pt;mso-font-kerning:1.0000pt;"><o:p></o:p></span></p></li><li><p><span style="mso-spacerun:&#39;yes&#39;;font-family:Calibri;mso-fareast-font-family:宋体;mso-bidi-font-family:&#39;Times New Roman&#39;;font-size:10.5000pt;mso-font-kerning:1.0000pt;"></span><strong><span style="font-family: Calibri;font-size: 10.5pt;"><span style="font-family:宋体;">政策预期:</span></span></strong><span style="mso-spacerun:&#39;yes&#39;;font-family:Calibri;mso-fareast-font-family:宋体;mso-bidi-font-family:&#39;Times New Roman&#39;;font-size:10.5000pt;mso-font-kerning:1.0000pt;"><span style="font-family:宋体;">五城区外限购或进一步优化(如社保年限降至</span>6<span style="font-family:宋体;">个月),激活近郊市场</span></span><span style="mso-spacerun:&#39;yes&#39;;font-family:宋体;mso-ascii-font-family:Calibri;mso-hansi-font-family:Calibri;mso-bidi-font-family:&#39;Times New Roman&#39;;font-size:10.5000pt;mso-font-kerning:1.0000pt;">。</span></p></li></ul><p style="margin-right: 0pt;padding: 0pt;vertical-align: baseline;"><br /></p><p style="text-align: left;"><span style="font-family: 宋体;font-size: 10.5pt;letter-spacing: 0.034em;">注:</span><span style="font-family: 宋体;font-size: 10.5pt;letter-spacing: 0.034em;">本报告数据均来自公开统计及行业调研,分析结论仅供参考。</span><br /></p><h2 style="margin-left: 0pt;text-indent: 0pt;padding: 0pt;vertical-align: baseline;background: rgb(255, 255, 255);"><span style="font-family: 宋体;letter-spacing: 0pt;font-size: 12pt;background: rgb(255, 255, 255);"><span style="font-family:宋体;"></span></span><span style="font-family: 宋体;letter-spacing: 0pt;font-size: 12pt;background: rgb(255, 255, 255);"><o:p></o:p></span></h2><p style="display: none;"><mp-style-type data-value="3"></mp-style-type></p>

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