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【客研月报 006】2025年1-2月:上海房地产客户研究月报

发布于 2025-02-28

<p><br /></p><h4 style="margin-bottom: 24px;"><span style="font-size: 24px;text-decoration: underline;"><strong><span style="font-size: 24px;text-decoration: underline;font-family: 宋体;">一、市场概况</span></strong></span><strong><span style="font-family: 宋体;font-size: 12pt;"><o:p></o:p></span></strong></h4><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: 宋体;font-size: 10.5pt;"><span style="font-family:Calibri;">1.</span></span></strong><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;;mso-ansi-font-weight:bold;"><span style="font-family:宋体;">整体市场表现</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></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;">月二手房网签</span><span style="font-family:Calibri;">1.43</span><span style="font-family:宋体;">万套,环比小幅下滑但同比上升近</span><span style="font-family:Calibri;">10%</span><span style="font-family:宋体;">;新房成交面积</span><span style="font-family:Calibri;">49.1</span><span style="font-family:宋体;">万㎡,同比</span><span style="font-family:Calibri;">+8.13%</span><span style="font-family:宋体;">。</span><span style="font-family:Calibri;">2</span><span style="font-family:宋体;">月二手房市场快速回暖,单周网签量最高达</span><span style="font-family:Calibri;">5581</span><span style="font-family:宋体;">套,全月预计突破</span><span style="font-family:Calibri;">1.6</span><span style="font-family:宋体;">万套,新房成交面积环比激增</span><span style="font-family:Calibri;">75%</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><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;">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,黄浦滨江豪宅突破</span>17.8<span style="font-family:宋体;">万</span><span style="font-family:Calibri;">/</span><span style="font-family:宋体;">㎡,徐汇滨江、前滩次新房均价达</span><span style="font-family:Calibri;">15</span><span style="font-family:宋体;">万</span><span style="font-family:Calibri;">-20</span><span style="font-family:宋体;">万</span><span style="font-family:Calibri;">/</span><span style="font-family:宋体;">㎡;远郊区域如松江新城、奉贤部分项目价格跌破</span><span style="font-family:Calibri;">5</span><span style="font-family:宋体;">万</span><span style="font-family:Calibri;">/</span><span style="font-family:宋体;">㎡,同比跌幅超</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></section></li></ul><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: 宋体;font-size: 10.5pt;"><span style="font-family:Calibri;">2.</span></span></strong><strong><span style="font-family: Calibri;font-size: 10.5pt;"><span style="font-family:宋体;">政策与热点事件</span><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><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;">政策优化:</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;土拍规则调整,核心区地块溢价率超</span><span style="font-family:Calibri;">30%</span><span style="font-family:宋体;">(如静安地块楼面价</span><span style="font-family:Calibri;">16.23</span><span style="font-family:宋体;">万</span><span style="font-family:Calibri;">/</span><span style="font-family:宋体;">㎡创历史新高)。</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;">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;">临港新片区新增智能网联汽车产业园、漕河泾垂直产业园等,吸引高净值人才购房;浦东张江、虹桥商务区科技企业集聚,带动区域房价抗跌性增强。</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><span style="font-size: 24px;text-decoration: underline;"><strong><span style="font-size: 24px;text-decoration: underline;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></p><p><strong><span style="font-family: Calibri;font-size: 10.5pt;"></span></strong><strong><span style="font-family: 宋体;font-size: 10.5pt;"><span style="font-family:Calibri;">1.</span></span></strong><strong><span style="font-family: Calibri;font-size: 10.5pt;"><span style="font-family:宋体;">基础特征</span><span style="font-family:Calibri;"></span></span></strong><strong><span style="font-family: 宋体;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;">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;">改善型客户占比</span>55%<span style="font-family:宋体;">(总价</span><span style="font-family:Calibri;">800</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;外企高管及非本地户籍高净值人群占比提升至</span><span style="font-family:Calibri;">35%</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;">核心区购房家庭年收入</span>80<span style="font-family:宋体;">万</span><span style="font-family:Calibri;">-150</span><span style="font-family:宋体;">万元,近郊刚需客户集中在</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,临港等新兴区域以</span><span style="font-family:Calibri;">200</span><span style="font-family:宋体;">万</span><span style="font-family:Calibri;">-500</span><span style="font-family:宋体;">万预算群体为主力。</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="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: 宋体;font-size: 10.5pt;"><span style="font-family:Calibri;">2.</span></span></strong><strong><span style="font-family: Calibri;font-size: 10.5pt;"><span style="font-family:宋体;">行为偏好</span><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><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;">购房动机:</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;">改善型需求以学区升级(占比</span>40%<span style="font-family:宋体;">)和居住品质提升(</span><span style="font-family:Calibri;">35%</span><span style="font-family:宋体;">)为核心;刚需群体聚焦地铁</span><span style="font-family:Calibri;">1</span><span style="font-family:宋体;">公里内现房(占比</span><span style="font-family:Calibri;">60%</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;">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;">,黄浦、徐汇高端项目去化周期缩短至</span><span style="font-family:Calibri;">3</span><span style="font-family:宋体;">个月;外环内</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;">因总价优势(</span><span style="font-family:Calibri;">300</span><span style="font-family:宋体;">万</span><span style="font-family:Calibri;">-500</span><span style="font-family:宋体;">万)成交占比达</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></ul><h4 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;">三、区域市场对比</span></strong></span><strong><span style="font-family: 宋体;font-size: 12pt;"><o:p></o:p></span></strong></h4><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><strong><span style="font-family: 宋体;font-size: 10.5pt;"><span style="font-family:Calibri;">1.</span></span></strong><strong><span style="font-family: Calibri;font-size: 10.5pt;"><span style="font-family:宋体;">分区域表现</span><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></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;">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;">黄浦滨江、徐汇滨江板块新房均价突破</span>17<span style="font-family:宋体;">万</span><span style="font-family:Calibri;">/</span><span style="font-family:宋体;">㎡(同比</span><span style="font-family:Calibri;">+25%</span><span style="font-family:宋体;">),静安苏河湾次新盘成交周期缩短至</span><span style="font-family:Calibri;">15</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;">青浦新城因轨道交通</span>17<span style="font-family:宋体;">号线延伸带动力,新房均价逆势上涨</span><span style="font-family:Calibri;">3.8%</span><span style="font-family:宋体;">;嘉定新城库存去化周期超</span><span style="font-family:Calibri;">20</span><span style="font-family:宋体;">个月,部分项目暗降</span><span style="font-family:Calibri;">8%-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;">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;">临港库存压力显著(超</span>3<span style="font-family:宋体;">万套),价格同比下跌</span><span style="font-family:Calibri;">5%</span><span style="font-family:宋体;">;奉贤海湾板块因配套不足,成交周期延长至</span><span style="font-family:Calibri;">8</span><span style="font-family:宋体;">个月。</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-family: 宋体;font-size: 10.5pt;"><span style="font-family:Calibri;">2.</span></span></strong><strong><span style="font-family: Calibri;font-size: 10.5pt;"><span style="font-family:宋体;">板块价值分析</span><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></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; 前滩国际商务区:</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;">教育资源(华二前滩学校)</span>+<span style="font-family:宋体;">产业(金融科技总部)双驱动,二手房月均涨幅</span><span style="font-family:Calibri;">1.5%</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></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; 大虹桥拓展区:</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;">依托虹桥国际枢纽规划,低密洋房项目(如招商虹桥公馆)去化率超</span>80%<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><section style="margin-bottom: 24px;margin-top: 0px;"><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;">金山新城、崇明陈家镇因土地供应过剩,价格或持续下行。</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><h4><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: 宋体;font-size: 12pt;"><o:p></o:p></span></strong></h4><section style="margin-top: 24px;"><strong><span style="font-family: Calibri;font-size: 10.5pt;"></span></strong><strong><span style="font-family: 宋体;font-size: 10.5pt;"><span style="font-family:Calibri;">1.</span></span></strong><strong><span style="font-family: Calibri;font-size: 10.5pt;"><span style="font-family:宋体;">头部房企策略</span><span style="font-family:Calibri;"></span></span></strong><strong><span style="font-family: 宋体;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;">中海地产:</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;">以</span>702<span style="font-family:宋体;">亿元销售额登顶上海销冠,徐汇滨江地王项目(楼面价</span><span style="font-family:Calibri;">13.5</span><span style="font-family:宋体;">万</span><span style="font-family:Calibri;">/</span><span style="font-family:宋体;">㎡)主打科技住宅。</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></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;">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;"><span style="font-family:宋体;">聚焦</span><span style="font-family:Calibri;">“</span><span style="font-family:宋体;">垂直产城融合</span><span style="font-family:Calibri;">”</span><span style="font-family:宋体;">,杨浦滨江综合体项目引入智能办公系统,溢价率较周边</span></span><strong><span style="font-family: Calibri;font-size: 10.5pt;"><span style="font-family:宋体;">高</span>15%<span style="font-family:宋体;">。</span></span></strong><strong><span style="font-family: Calibri;font-size: 10.5pt;"><o:p></o:p></span></strong></section></li></ul><p><strong><span style="font-family: Calibri;font-size: 10.5pt;"></span></strong><strong><span style="font-family: 宋体;font-size: 10.5pt;"><span style="font-family:Calibri;">2.</span></span></strong><strong><span style="font-family: Calibri;font-size: 10.5pt;"><span style="font-family:宋体;">市场分化</span></span></strong><strong><span style="font-family: Calibri;font-size: 10.5pt;"></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;">二手房:</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;">链家、贝壳主导核心区交易,优质学区房(如静教院附校对口小区)去化周期缩短至</span>3<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><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;">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;">国企主导内环项目(如保利世博天悦),民企加速远郊去库存(恒大海湾项目降价</span>10%<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></li></ul><h4><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><strong><span style="font-family: 宋体;font-size: 12pt;"><o:p></o:p></span></strong></h4><section style="margin-top: 24px;"><strong><span style="font-family: Calibri;font-size: 10.5pt;"></span></strong><strong><span style="font-family: 宋体;font-size: 10.5pt;"><span style="font-family:Calibri;">1.</span></span></strong><strong><span style="font-family: Calibri;font-size: 10.5pt;"><span style="font-family:宋体;">核心需求</span><span style="font-family:Calibri;"></span></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;">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;">九年一贯制学校(如浦东明珠小学)、社区智能化(人脸识别门禁)。</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;">外环地铁沿线现房(总价</span>300<span style="font-family:宋体;">万</span><span style="font-family:Calibri;">-500</span><span style="font-family:宋体;">万)、低首付(首套</span><span style="font-family:Calibri;">15%</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;"><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: 宋体;font-size: 10.5pt;"><span style="font-family:Calibri;">2.</span></span></strong><strong><span style="font-family: Calibri;font-size: 10.5pt;"><span style="font-family:宋体;">主要痛点</span><span style="font-family:Calibri;"></span></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><strong><span style="font-family: Calibri;font-size: 10.5pt;"><span style="font-family:Calibri;"></span><span style="font-family:宋体;">置换成本</span></span></strong><span style="font-family: Calibri;font-size: 10.5pt;"><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="font-family: Calibri;font-size: 10.5pt;"><o:p></o:p></span></p></li><li><p><span style="font-family: Calibri;font-size: 10.5pt;"></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;">临港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></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;">六、风险与建议</span></strong></span><strong><span style="font-family: 宋体;font-size: 12pt;"><o:p></o:p></span></strong></section><p><strong><span style="font-family: Calibri;font-size: 10.5pt;"></span></strong><strong><span style="font-family: 宋体;font-size: 10.5pt;"><span style="font-family:Calibri;">1.</span></span></strong><strong><span style="font-family: Calibri;font-size: 10.5pt;"><span style="font-family:宋体;">风险提示</span><span style="font-family:Calibri;"></span></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 style="margin-bottom: 0px;"><span style="text-decoration: none;"><strong><span style="text-decoration: none;font-size: 10.5pt;font-family: 宋体;">库存压力:</span></strong><span style="text-decoration: none;font-family: Calibri;font-size: 10.5pt;"><span style="text-decoration: none;font-family: 宋体;">五大新城新房去化周期超</span>17<span style="text-decoration: none;font-family: 宋体;">个月,</span><span style="text-decoration: none;font-family: Calibri;">2025</span><span style="text-decoration: none;font-family: 宋体;">年拟供应保障房或挤压刚需市场。</span><o:p></o:p></span></span></p></li><li><p style="margin-bottom: 0px;"><span style="text-decoration: none;"><strong><span style="text-decoration: none;font-size: 10.5pt;font-family: 宋体;">政策</span></strong></span><strong><span style="font-size: 10.5pt;font-family: 宋体;">不确定性</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;">:房地产税试点预期引发多套房持有者资产腾挪。</span><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><strong><span style="font-family: 宋体;font-size: 10.5pt;"><span style="font-family:Calibri;">2.</span></span></strong><strong><span style="font-family: Calibri;font-size: 10.5pt;"><span style="font-family:宋体;">策略建议</span><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></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;">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><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;">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;">改善群体优先徐汇滨江现房,刚需关注青浦新城高性价比房源。</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></p></li></ul><h4 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;">七、未来展望</span></strong></span><strong><span style="font-family: 宋体;font-size: 12pt;"><o:p></o:p></span></strong></h4><ul class="list-paddingleft-1" style="list-style-type: disc;"><li><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><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</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;">,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;">,前滩板块房价涨幅或达</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></section></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;">个起降点)带动临港、青浦价值重塑;</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;">五大新城限购或优化(社保年限降至</span>6<span style="font-family:宋体;">个月),激活外环外市场</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><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;"><o:p></o:p></span></p></li></ul><p><span style="font-family: 宋体;font-size: 10.5pt;letter-spacing: 0.034em;"><br /></span></p><p><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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