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【客研月报 008】2025年1-2月:福州房地产客户研究月报

发布于 2025-03-03

<p><span style="font-size: 24px;text-decoration: underline;"><strong style="font-size: var(--articleFontsize);letter-spacing: 0.034em;"><span style="text-decoration: underline;font-size: 24px;font-family: 黑体;">一、市场概况</span></strong></span><br /></p><p><strong><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;">1.市场成交与价格走势</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 style="font-weight: bold;"><p style="line-height: normal;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:Calibri;"></span></span><strong><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;">成交量波动回升</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:Calibri;"></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="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;">1<span style="font-family:宋体;">月福州五区住宅签约</span><span style="font-family:Calibri;">834</span><span style="font-family:宋体;">套,环比</span><span style="font-family:Calibri;">2024</span><span style="font-family:宋体;">年</span><span style="font-family:Calibri;">12</span><span style="font-family:宋体;">月下降</span><span style="font-family:Calibri;">56.85%</span><span style="font-family:宋体;">;</span><span style="font-family:Calibri;">2</span><span style="font-family:宋体;">月签约</span><span style="font-family:Calibri;">937</span><span style="font-family:宋体;">套,环比增长</span><span style="font-family:Calibri;">12.35%</span><span style="font-family:宋体;">,八县(市)区签约</span><span style="font-family:Calibri;">1684</span><span style="font-family:宋体;">套,环比增长</span><span style="font-family:Calibri;">25.48%</span><span style="font-family:宋体;">。春节后市场回暖迹象明显,尤其是福清市因</span><span style="font-family:Calibri;">6000</span><span style="font-family:宋体;">万元购房补贴政策拉动,单月签约</span><span style="font-family:Calibri;">983</span><span style="font-family:宋体;">套,占全市近四成。</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 style="font-family:宋体;">价格方面,</span>1<span style="font-family:宋体;">月新房均价</span><span style="font-family:Calibri;">17503</span><span style="font-family:宋体;">元</span><span style="font-family:Calibri;">/</span><span style="font-family:宋体;">㎡,</span><span style="font-family:Calibri;">2</span><span style="font-family:宋体;">月降至</span><span style="font-family:Calibri;">16172</span><span style="font-family:宋体;">元</span><span style="font-family:Calibri;">/</span><span style="font-family:宋体;">㎡;二手房均价从</span><span style="font-family:Calibri;">21809</span><span style="font-family:宋体;">元</span><span style="font-family:Calibri;">/</span><span style="font-family:宋体;">㎡微涨至</span><span style="font-family:Calibri;">22337</span><span style="font-family:宋体;">元</span><span style="font-family:Calibri;">/</span><span style="font-family:宋体;">㎡。核心区(如鼓楼、台江)高端项目价格坚挺(如建发云启紫宸单价</span><span style="font-family:Calibri;">6.18</span><span style="font-family:宋体;">万</span><span style="font-family:Calibri;">/</span><span style="font-family:宋体;">㎡),而外围板块(如南通、马尾琅岐)均价仅</span><span style="font-family:Calibri;">7279-8130</span><span style="font-family:宋体;">元</span><span style="font-family:Calibri;">/</span><span style="font-family:宋体;">㎡,价格梯度分化显著。</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></section><ul class="list-paddingleft-1" style="list-style-type: disc;"><li style="font-weight: bold;"><section style="margin-bottom: 24px;"><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;">库存与去化周期</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;"></span><span style="font-family:Calibri;"></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><section style="line-height: normal;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;">五区普通住宅存量去化周期</span>19.7<span style="font-family:宋体;">个月,晋安东区库存最大但流速尚可;闽侯去化周期</span><span style="font-family:Calibri;">15.2</span><span style="font-family:宋体;">个月,竹岐、青口等远郊板块去化停滞。</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><p style="line-height: normal;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 style="font-family:宋体;">板块分化加剧:核心区(晋安湖、三江口)依托地铁、湖景资源成交稳定,远郊(南通、马尾)以价换量。</span><span style="font-family:Calibri;"></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><p><strong><span style="font-family: Calibri;font-size: 10.5pt;"><span style="font-family:宋体;">2.政策与热点事件</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><section style="margin-bottom: 24px;"><strong><span style="font-family: Calibri;font-size: 10.5pt;"><span style="font-family:宋体;">政策宽松:</span></span></strong><strong><span style="font-family: Calibri;font-size: 10.5pt;"><o:p></o:p></span></strong></section></li></ul><section style="margin-top: 0px;line-height: 1.6em;margin-bottom: 24px;"><span style="font-family: Calibri;font-size: 10.5pt;"><span style="font-family:宋体;">公积金新政支持代际互助提取,降低购房门槛;福清市推出限时补贴(</span>300<span style="font-family:宋体;">元</span><span style="font-family:Calibri;">/</span><span style="font-family:宋体;">㎡),叠加房企促销(特价房、赠送车位),刺激短期需求。</span></span><span style="font-family: Calibri;font-size: 10.5pt;"><o:p></o:p></span></section><p style="line-height: 1.6em;"><span style="font-family: Calibri;font-size: 10.5pt;"><span style="font-family:宋体;">国家层面释放</span><span style="font-family:Calibri;">“</span><span style="font-family:宋体;">稳住楼市</span><span style="font-family:Calibri;">”</span><span style="font-family:宋体;">信号,叠加地方旧改项目推进(如帝封江、三江口),中长期或释放新增需求</span><span style="font-family:Calibri;"></span></span><span style="font-family: Calibri;font-size: 10.5pt;"><o:p></o:p></span></p><ul class="list-paddingleft-1" style="list-style-type: disc;"><li><p><strong><span style="font-family: 宋体;font-size: 10.5pt;">热点事件</span></strong><strong><span style="font-family: Calibri;font-size: 10.5pt;"><span style="font-family:宋体;">:</span></span></strong><span style="font-family: Calibri;font-size: 10.5pt;"><span style="font-family:宋体;">地铁</span>4<span style="font-family:宋体;">号线后通段、左海公园摩天轮等市政项目提升区域价值;晋安湖</span><span style="font-family:Calibri;">“</span><span style="font-family:宋体;">三创园</span><span style="font-family:Calibri;">”</span><span style="font-family:宋体;">产业集聚、高新区规划</span><span style="font-family:Calibri;">180</span><span style="font-family:宋体;">亩教育用地,强化板块潜力</span></span><span style="font-family: 宋体;font-size: 10.5pt;">。</span></p></li></ul><h2 style="margin-bottom: 24px;margin-top: 24px;"><strong><span style="mso-spacerun:&#39;yes&#39;;font-family:Arial;mso-fareast-font-family:黑体;mso-bidi-font-family:&#39;Times New Roman&#39;;mso-ansi-font-weight:bold;font-size:16.0000pt;mso-font-kerning:1.0000pt;"><span style="font-family:Arial;"></span></span></strong><span style="font-size: 24px;text-decoration: underline;"><strong style="font-size: var(--articleFontsize);letter-spacing: 0.034em;"><span style="text-decoration: underline;font-size: 24px;font-family: 黑体;">二、客户画像分析</span></strong></span><strong><span style="mso-spacerun:&#39;yes&#39;;font-family:Arial;mso-fareast-font-family:黑体;mso-bidi-font-family:&#39;Times New Roman&#39;;mso-ansi-font-weight:bold;font-size:16.0000pt;mso-font-kerning:1.0000pt;"><span style="font-family:Arial;"></span></span></strong><strong><span style="mso-spacerun:&#39;yes&#39;;font-family:Arial;mso-fareast-font-family:黑体;mso-bidi-font-family:&#39;Times New Roman&#39;;mso-ansi-font-weight:bold;font-size:16.0000pt;mso-font-kerning:1.0000pt;"><o:p></o:p></span></strong></h2><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;">1.客户基础特征</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><section style="line-height: 1.6em;margin-bottom: 24px;"><strong><span style="font-family: Calibri;font-size: 10.5pt;"><span style="font-family:宋体;">年龄与家庭结构:</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;">20-35<span style="font-family:宋体;">岁群体占比</span><span style="font-family:Calibri;">62%</span><span style="font-family:宋体;">,以年轻家庭为主;改善型需求占比提升,二次改善及高端购房者占比达</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></section></li><li><p style="line-height: 1.6em;"><strong><span style="font-family: Calibri;font-size: 10.5pt;"><span style="font-family:宋体;">收入水平:</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;">核心区购房者家庭年收入中位数约</span>30-50<span style="font-family:宋体;">万元,外围刚需客户年收入</span><span style="font-family:Calibri;">10-20</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;"><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;">2.行为偏好</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><section style="margin-bottom: 24px;"><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;"><span style="font-family:宋体;">改善型客户偏好</span>120-144<span style="font-family:宋体;">㎡四房(占比</span><span style="font-family:Calibri;">45%</span><span style="font-family:宋体;">),刚需聚焦</span><span style="font-family:Calibri;">80-100</span><span style="font-family:宋体;">㎡三房(占比</span><span style="font-family:Calibri;">60%</span><span style="font-family:宋体;">);江景、地铁房(如龙湖景粼天著)溢价显著。</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></section></li><li><p><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;">核心区客户关注学区(鼓楼重点小学)、交通(地铁</span>1/4<span style="font-family:宋体;">号线);外围客户更重视价格(闽侯均价</span><span style="font-family:Calibri;">1.4</span><span style="font-family:宋体;">万</span><span style="font-family:Calibri;">/</span><span style="font-family:宋体;">㎡)及配套落地进度。</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 style="font-size: var(--articleFontsize);letter-spacing: 0.034em;"><span style="text-decoration: underline;font-size: 24px;font-family: 黑体;">三、区域市场对比</span></strong></span><strong><span style="mso-spacerun:&#39;yes&#39;;font-family:Arial;mso-fareast-font-family:黑体;mso-bidi-font-family:&#39;Times New Roman&#39;;mso-ansi-font-weight:bold;font-size:16.0000pt;"><span style="font-family:Arial;"></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><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;">1.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></p><ul class="list-paddingleft-1" style="list-style-type: disc;"><li><section style="margin-top: 24px;"><strong><span style="font-family: Calibri;font-size: 10.5pt;"><span style="font-family:宋体;">核心区(鼓楼、台江):</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;">价格抗跌性强(均价</span>4<span style="font-family:宋体;">万</span><span style="font-family:Calibri;">+/</span><span style="font-family:宋体;">㎡),但成交量萎缩(</span><span style="font-family:Calibri;">1</span><span style="font-family:宋体;">月鼓楼网签量环比降</span><span style="font-family:Calibri;">40%</span><span style="font-family:宋体;">);高端项目如建发云启紫宸仍为市场标杆。</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><section style="margin-top: 24px;"><strong><span style="font-family: Calibri;font-size: 10.5pt;"><span style="font-family:宋体;">次核心区(东二环、金山):</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;">东二环依托晋安湖规划,榕发揽湖郡以</span>2.67<span style="font-family:宋体;">万</span><span style="font-family:Calibri;">/</span><span style="font-family:宋体;">㎡均价热销;金山板块成交占比超</span><span style="font-family:Calibri;">60%</span><span style="font-family:宋体;">,江景房成新增长点。</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><section style="margin-top: 24px;"><strong><span style="font-family: Calibri;font-size: 10.5pt;"><span style="font-family:宋体;">外围板块(三江口、马尾琅岐):</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;">三江口价格腰斩至</span>1<span style="font-family:宋体;">万</span><span style="font-family:Calibri;">+/</span><span style="font-family:宋体;">㎡,马尾琅岐均价</span><span style="font-family:Calibri;">8130</span><span style="font-family:宋体;">元</span><span style="font-family:Calibri;">/</span><span style="font-family:宋体;">㎡,库存去化周期超</span><span style="font-family:Calibri;">24</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></section></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: Calibri;font-size: 10.5pt;"><span style="font-family:宋体;">2.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;"><strong><span style="font-family: Calibri;font-size: 10.5pt;"><span style="font-family:宋体;">抗跌板块:</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;">晋安湖、三江口改善型板块依托地铁及生态资源,去化周期低于市场均值(如晋安湖板块</span>12<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></section></li><li><section style="margin-bottom: 24px;"><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="font-family: Calibri;font-size: 10.5pt;"><span style="font-family:宋体;">亭江、琅岐等区域均价不足</span>1<span style="font-family:宋体;">万</span><span style="font-family:Calibri;">/</span><span style="font-family:宋体;">㎡,配套接近乡镇水平,仅适合养老或长期持有</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;">。</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><h2><strong><span style="mso-spacerun:&#39;yes&#39;;font-family:Arial;mso-fareast-font-family:黑体;mso-bidi-font-family:&#39;Times New Roman&#39;;mso-ansi-font-weight:bold;font-size:16.0000pt;mso-font-kerning:1.0000pt;"><span style="font-family:Arial;"></span></span></strong><span style="font-size: 24px;text-decoration: underline;"><strong style="font-size: var(--articleFontsize);letter-spacing: 0.034em;"><span style="text-decoration: underline;font-size: 24px;font-family: 黑体;">四、竞争格局</span></strong></span><strong><span style="mso-spacerun:&#39;yes&#39;;font-family:Arial;mso-fareast-font-family:黑体;mso-bidi-font-family:&#39;Times New Roman&#39;;mso-ansi-font-weight:bold;font-size:16.0000pt;mso-font-kerning:1.0000pt;"><span style="font-family:Arial;"></span></span></strong><strong><span style="mso-spacerun:&#39;yes&#39;;font-family:Arial;mso-fareast-font-family:黑体;mso-bidi-font-family:&#39;Times New Roman&#39;;mso-ansi-font-weight:bold;font-size:16.0000pt;mso-font-kerning:1.0000pt;"><o:p></o:p></span></strong></h2><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;">1.房企表现</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></section><ul class="list-paddingleft-1" style="list-style-type: disc;"><li><section style="margin-top: 24px;"><strong><span style="font-family: Calibri;font-size: 10.5pt;"><span style="font-family:宋体;">国企主导:</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;">榕发、建总等本土国企占据主力(</span>1<span style="font-family:宋体;">月五区认购占比超</span><span style="font-family:Calibri;">50%</span><span style="font-family:宋体;">),榕发揽湖、建总云璟未来为热销项目。</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><section style="margin-top: 24px;"><strong><span style="font-family: Calibri;font-size: 10.5pt;"><span style="font-family:宋体;">民企分化:</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;">龙湖、万科凭借高端产品(如景粼天著)维持市场份额,但拿地减少;部分中小房企退出市场。</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></section></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: Calibri;font-size: 10.5pt;"><span style="font-family:宋体;">2.产品分化</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><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-top: 24px;"><strong><span style="font-family: Calibri;font-size: 10.5pt;"><span style="font-family:宋体;">高端市场:</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;">核心区豪宅(单价</span>4<span style="font-family:宋体;">万</span><span style="font-family:Calibri;">+/</span><span style="font-family:宋体;">㎡)以稀缺性抗跌,但去化周期延长至</span><span style="font-family:Calibri;">18</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></section></li><li><section style="margin-top: 24px;"><strong><span style="font-family: Calibri;font-size: 10.5pt;"><span style="font-family:宋体;">刚需市场:</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;">外围区域</span><span style="font-family:Calibri;">“</span><span style="font-family:宋体;">特价房</span><span style="font-family:Calibri;">”</span><span style="font-family:宋体;">策略盛行(如闽侯南通均价</span><span style="font-family:Calibri;">7279</span><span style="font-family:宋体;">元</span><span style="font-family:Calibri;">/</span><span style="font-family:宋体;">㎡),部分项目以工抵房形式降价</span><span style="font-family:Calibri;">20%</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><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 style="font-size: var(--articleFontsize);letter-spacing: 0.034em;"><span style="text-decoration: underline;font-size: 24px;font-family: 黑体;">五、客户需求与痛点</span></strong></span><strong><span style="mso-spacerun:&#39;yes&#39;;font-family:Arial;mso-fareast-font-family:黑体;mso-bidi-font-family:&#39;Times New Roman&#39;;mso-ansi-font-weight:bold;font-size:16.0000pt;"><span style="font-family:Arial;"></span></span></strong><strong><span style="mso-spacerun:&#39;yes&#39;;font-family:Arial;mso-fareast-font-family:黑体;mso-bidi-font-family:&#39;Times New Roman&#39;;mso-ansi-font-weight:bold;font-size:16.0000pt;"><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-family: Calibri;font-size: 10.5pt;"><span style="font-family:宋体;">1.核心需求</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><section style="margin-top: 24px;"><strong><span style="font-family: Calibri;font-size: 10.5pt;"><span style="font-family:宋体;">刚性需求</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;">:总价敏感,优先选择闽侯南屿(均价</span>1.4<span style="font-family:宋体;">万</span><span style="font-family:Calibri;">/</span><span style="font-family:宋体;">㎡)、仓山奥体(均价</span><span style="font-family:Calibri;">1.8</span><span style="font-family:宋体;">万</span><span style="font-family:Calibri;">/</span><span style="font-family:宋体;">㎡)等潜力区域。</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><section style="margin-top: 24px;"><strong><span style="font-family: Calibri;font-size: 10.5pt;"><span style="font-family:宋体;">改善需求:</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;">注重品质与配套,倾向东二环、金山等成熟板块,对第四代住宅(如国贸天琴湖)接受度高。</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></section></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: Calibri;font-size: 10.5pt;"><span style="font-family:宋体;">2.主要痛点</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-top: 24px;"><strong><span style="font-family: Calibri;font-size: 10.5pt;"><span style="font-family:宋体;">配套滞后:</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;">三江口、帝封江等板块教育、商业资源落地缓慢,客户信心不足。</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><section style="margin-top: 24px;"><strong><span style="font-family: Calibri;font-size: 10.5pt;"><span style="font-family:宋体;">交付风险:</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;">部分民营房企项目延期交付,客户转向国企开发楼盘。</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><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 style="font-size: var(--articleFontsize);letter-spacing: 0.034em;"><span style="text-decoration: underline;font-size: 24px;font-family: 黑体;">六、风险与建议</span></strong></span><strong><span style="mso-spacerun:&#39;yes&#39;;font-family:Arial;mso-fareast-font-family:黑体;mso-bidi-font-family:&#39;Times New Roman&#39;;mso-ansi-font-weight:bold;font-size:16.0000pt;"><span style="font-family:Arial;"></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><p><strong><span style="font-family: Calibri;font-size: 10.5pt;"><span style="font-family:Calibri;"></span><span style="font-family:宋体;">1.风险预警</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><section style="margin-bottom: 24px;"><strong><span style="font-family: Calibri;font-size: 10.5pt;"><span style="font-family:宋体;">库存高压:</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;">非核心区去化周期超</span>24<span style="font-family:宋体;">个月,价格竞争加剧。</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><section style="margin-bottom: 24px;"><strong><span style="font-family: Calibri;font-size: 10.5pt;"><span style="font-family:宋体;">政策波动:</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;">学区房价值受政策调整冲击(如多校划片),部分房源或面临</span>20%<span style="font-family:宋体;">跌幅。</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><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;">2.策略建议</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;"><strong><span style="font-family: Calibri;font-size: 10.5pt;"><span style="font-family:宋体;">刚需客户:</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;">优先地铁沿线(</span>2<span style="font-family:宋体;">号线、</span><span style="font-family:Calibri;">5</span><span style="font-family:宋体;">号线)及国企项目,避开远郊大盘。</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><section style="margin-bottom: 24px;"><strong><span style="font-family: Calibri;font-size: 10.5pt;"><span style="font-family:宋体;">改善客户:</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;">关注核心地段旧改项目(如华润中寰悦府),规避</span><span style="font-family:Calibri;">“</span><span style="font-family:宋体;">老破大</span><span style="font-family:Calibri;">”</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><section style="margin-bottom: 24px;"><strong><span style="font-family: Calibri;font-size: 10.5pt;"><span style="font-family:宋体;">开发商:</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;">加速去库存(特价房、工抵房),强化配套兑现(如签约名校)。</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><h2 style="margin-bottom: 24px;"><strong><span style="mso-spacerun:&#39;yes&#39;;font-family:Arial;mso-fareast-font-family:黑体;mso-bidi-font-family:&#39;Times New Roman&#39;;mso-ansi-font-weight:bold;font-size:16.0000pt;mso-font-kerning:1.0000pt;"><span style="font-family:Arial;"></span></span></strong><span style="font-size: 24px;text-decoration: underline;"><strong style="font-size: var(--articleFontsize);letter-spacing: 0.034em;"><span style="text-decoration: underline;font-size: 24px;font-family: 黑体;">七、未来展望</span></strong></span><strong><span style="mso-spacerun:&#39;yes&#39;;font-family:Arial;mso-fareast-font-family:黑体;mso-bidi-font-family:&#39;Times New Roman&#39;;mso-ansi-font-weight:bold;font-size:16.0000pt;mso-font-kerning:1.0000pt;"><span style="font-family:Arial;"></span></span></strong><strong><span style="mso-spacerun:&#39;yes&#39;;font-family:Arial;mso-fareast-font-family:黑体;mso-bidi-font-family:&#39;Times New Roman&#39;;mso-ansi-font-weight:bold;font-size:16.0000pt;mso-font-kerning:1.0000pt;"><o:p></o:p></span></strong></h2><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;">短期(</span>2025Q2<span style="font-family:宋体;">):</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;">政策宽松延续,房贷利率或进一步下调(当前首套利率</span>2.86%<span style="font-family:宋体;">),核心区价格趋稳,外围以价换量持续。</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><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;">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;">三江口、滨海新城依托规划落地(如</span>TOD<span style="font-family:宋体;">开发)或成新增长极;国企主导市场格局强化,产品分化加剧。</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-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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