官网首页 › 研究观点 › 观点正文

【楼市复盘 028】无锡楼市1-2月:核心资产抗跌韧性凸显,远郊板块缩量阴跌库存承压

发布于 2025-02-21

<p style="-webkit-tap-highlight-color: transparent;outline: 0px;text-align: center;line-height: 2em;visibility: visible;"><br /></p><p style="text-align: left;margin-bottom: 0px;margin-left: 16px;margin-right: 16px;"><span style="font-size: 17px;"><strong><strong style="-webkit-tap-highlight-color: transparent;outline: 0px;color: rgb(34, 34, 34);font-family: -apple-system, BlinkMacSystemFont, &quot;Helvetica Neue&quot;, &quot;PingFang SC&quot;, &quot;Hiragino Sans GB&quot;, &quot;Microsoft YaHei UI&quot;, &quot;Microsoft YaHei&quot;, Arial, sans-serif;letter-spacing: 0.544px;text-align: left;background-color: rgb(255, 255, 255);visibility: visible;"><span style="-webkit-tap-highlight-color: transparent;outline: 0px;font-size: 45px;letter-spacing: 0px;visibility: visible;">01&nbsp;</span></strong></strong></span><span style="font-size: 20px;"><strong>市场概括</strong></span></p><strong><span style="font-size: 17px;letter-spacing: 0px;text-decoration: none solid rgba(0, 0, 0, 0.9);">春节淡季冲击,量价筑底弱复苏</span></strong><h4 style="margin: 0px 0px 24px;vertical-align: baseline;background: rgb(255, 255, 255);line-height: 1.6em;text-align: justify;text-indent: 0em;"><strong><span style="font-size: 17px;letter-spacing: 0px;text-decoration: none solid rgba(0, 0, 0, 0.9);"><span style="text-decoration: none solid rgba(0, 0, 0, 0.9);letter-spacing: 0px;font-size: 17px;font-family: 宋体;"></span><span style="text-decoration: none solid rgba(0, 0, 0, 0.9);letter-spacing: 0px;font-size: 17px;font-family: 宋体;"><o:p></o:p></span></span></strong></h4><section style="margin: 0px 0px 24px;line-height: 1.6em;text-align: justify;text-indent: 0em;"><strong><span style="font-size: 17px;letter-spacing: 0.578px;text-decoration: none solid rgba(0, 0, 0, 0.9);"><span style="text-decoration: none solid rgba(0, 0, 0, 0.9);font-size: 17px;letter-spacing: 0pt;background-image: initial;background-position: initial;background-size: initial;background-repeat: initial;background-attachment: initial;background-origin: initial;background-clip: initial;font-family: &quot;Segoe UI&quot;;"></span></span></strong></section><section style="margin: 0px 0px 24px;line-height: 1.6em;text-align: justify;text-indent: 0em;"><strong><span style="font-family: 微软雅黑;font-size: 17px;letter-spacing: 0.578px;text-decoration: none solid rgba(0, 0, 0, 0.9);"></span></strong></section><p style="text-align: left;margin-left: 16px;margin-right: 16px;"><strong style="letter-spacing: 0.034em;"><strong style="-webkit-tap-highlight-color: transparent;outline: 0px;color: rgb(34, 34, 34);font-family: -apple-system, BlinkMacSystemFont, &quot;Helvetica Neue&quot;, &quot;PingFang SC&quot;, &quot;Hiragino Sans GB&quot;, &quot;Microsoft YaHei UI&quot;, &quot;Microsoft YaHei&quot;, Arial, sans-serif;text-align: left;background-color: rgb(255, 255, 255);letter-spacing: 0.5px;font-size: 16px;"><span style="-webkit-tap-highlight-color: transparent;outline: 0px;color: rgb(136, 136, 136);letter-spacing: 3px;font-family: Optima-Regular, PingFangTC-light;">—</span></strong></strong></p><p style="margin-left: 24pt;vertical-align: baseline;background: rgb(255, 255, 255);"><strong><span style="font-family: 宋体;font-size: var(--articleFontsize);letter-spacing: 0.034em;">成交数据</span></strong><span style="font-family: 宋体;font-size: var(--articleFontsize);letter-spacing: 0.034em;"></span><br /></p><p style="margin-left: 48pt;vertical-align: baseline;background: rgb(255, 255, 255);"><span style="font-family: Symbol;font-size: 10pt;">·</span><span style="font-family: 宋体;font-size: 12pt;">1月</span><span style="mso-spacerun:&#39;yes&#39;;font-family:宋体;mso-bidi-font-family:&#39;Segoe UI&#39;;font-size:12.0000pt;mso-font-kerning:1.0000pt;"><span style="font-family:宋体;">:无锡市区新建商品住宅供应</span>24.75万㎡(环比-25%),成交10.41万㎡(环比-72%),成交均价22912元/㎡(环比-5.1%),呈现“量价齐跌”,主因春节假期备案延迟及刚需项目集中备案拉低均价。</span><span style="mso-spacerun:&#39;yes&#39;;font-family:宋体;mso-bidi-font-family:&#39;Segoe UI&#39;;font-size:12.0000pt;mso-font-kerning:1.0000pt;"><o:p></o:p></span></p><p style="margin-left: 48pt;vertical-align: baseline;background: rgb(255, 255, 255);"><span style="font-family: Symbol;font-size: 10pt;">·</span><span style="font-family: 宋体;font-size: 12pt;">2月上半月</span><span style="mso-spacerun:&#39;yes&#39;;font-family:宋体;mso-bidi-font-family:&#39;Segoe UI&#39;;font-size:12.0000pt;mso-font-kerning:1.0000pt;"><span style="font-family:宋体;">:市场逐步复苏,周成交面积环比</span>+118%至2.20万㎡,均价22437元/㎡(环比+1%),但复苏力度弱于2024年同期(2024年2月上半月成交同比-35%)。</span><span style="mso-spacerun:&#39;yes&#39;;font-family:宋体;mso-bidi-font-family:&#39;Segoe UI&#39;;font-size:12.0000pt;mso-font-kerning:1.0000pt;"><o:p></o:p></span></p><p style="margin-left: 24pt;vertical-align: baseline;background: rgb(255, 255, 255);"><strong><span style="font-family: 宋体;">库存压力</span><span style="mso-spacerun:&#39;yes&#39;;font-family:宋体;mso-bidi-font-family:&#39;Segoe UI&#39;;font-size:12.0000pt;mso-font-kerning:0.0000pt;"><span style="font-family:宋体;">:</span></span></strong><span style="mso-spacerun:&#39;yes&#39;;font-family:宋体;mso-bidi-font-family:&#39;Segoe UI&#39;;font-size:12.0000pt;mso-font-kerning:0.0000pt;"><span style="font-family:宋体;"></span>1月狭义库存521万㎡,去化周期拉长至50个月以上,若按近6个月月均去化17.9万㎡计算,需29.1个月消化,远郊区域压力突出</span><span style="mso-spacerun:&#39;yes&#39;;font-family:宋体;mso-bidi-font-family:&#39;Segoe UI&#39;;font-size:12.0000pt;mso-font-kerning:0.0000pt;">。</span></p><p style="margin-right: 0pt;margin-left: 21pt;padding: 0pt;vertical-align: baseline;"><span style="font-size: var(--articleFontsize);letter-spacing: 0.578px;text-align: left;"><strong><strong style="-webkit-tap-highlight-color: transparent;outline: 0px;color: rgb(34, 34, 34);font-family: -apple-system, BlinkMacSystemFont, &quot;Helvetica Neue&quot;, &quot;PingFang SC&quot;, &quot;Hiragino Sans GB&quot;, &quot;Microsoft YaHei UI&quot;, &quot;Microsoft YaHei&quot;, Arial, sans-serif;letter-spacing: 0.544px;background-color: rgb(255, 255, 255);visibility: visible;"><span style="-webkit-tap-highlight-color: transparent;outline: 0px;font-size: 45px;letter-spacing: 0px;visibility: visible;">02&nbsp;</span></strong></strong></span><strong style="font-size: var(--articleFontsize);letter-spacing: 0.034em;"><span style="font-size: 20px;letter-spacing: 0.578px;text-decoration-style: solid;text-decoration-color: rgba(0, 0, 0, 0.9);">客户态度</span></strong></p><strong><span style="font-size: 17px;letter-spacing: 0px;text-decoration: none solid rgba(0, 0, 0, 0.9);">观望与分化并存,政策刺激转化有限</span></strong><section style="line-height: normal;"><strong><span style="font-size: 17px;letter-spacing: 0px;text-decoration: none solid rgba(0, 0, 0, 0.9);"></span></strong></section><section style="margin-right: 0pt;margin-left: 21pt;padding: 0pt;vertical-align: baseline;line-height: normal;"><strong style="font-size: var(--articleFontsize);letter-spacing: 0.578px;text-indent: 0em;text-align: left;"><strong style="letter-spacing: 0.034em;"><strong style="-webkit-tap-highlight-color: transparent;outline: 0px;color: rgb(34, 34, 34);font-family: -apple-system, BlinkMacSystemFont, &quot;Helvetica Neue&quot;, &quot;PingFang SC&quot;, &quot;Hiragino Sans GB&quot;, &quot;Microsoft YaHei UI&quot;, &quot;Microsoft YaHei&quot;, Arial, sans-serif;background-color: rgb(255, 255, 255);letter-spacing: 0.5px;font-size: 16px;"><span style="-webkit-tap-highlight-color: transparent;outline: 0px;color: rgb(136, 136, 136);letter-spacing: 3px;font-family: Optima-Regular, PingFangTC-light;">—</span></strong></strong></strong><br /></section><p style="margin-left: 24pt;vertical-align: baseline;background: rgb(255, 255, 255);"><strong><span style="font-size: var(--articleFontsize);letter-spacing: 0.034em;font-family: 宋体;">刚需观望情绪浓厚</span><span style="letter-spacing: 0.034em;font-family: 宋体;font-size: 12pt;">:</span></strong><span style="letter-spacing: 0.034em;font-family: 宋体;font-size: 12pt;"></span><br /></p><p style="margin-left: 48pt;vertical-align: baseline;background: rgb(255, 255, 255);"><span style="font-family:Symbol;mso-fareast-font-family:宋体;mso-bidi-font-family:&#39;Segoe UI&#39;;font-size:10.0000pt;mso-font-kerning:1.0000pt;">·</span><span style="mso-spacerun:&#39;yes&#39;;font-family:宋体;mso-bidi-font-family:&#39;Segoe UI&#39;;font-size:12.0000pt;mso-font-kerning:1.0000pt;">1月针对老年家庭的购房补贴(8万元消费券)及“以旧换新”政策,市场转化率仅5%,多数客户等待价格底部信号。</span><span style="mso-spacerun:&#39;yes&#39;;font-family:宋体;mso-bidi-font-family:&#39;Segoe UI&#39;;font-size:12.0000pt;mso-font-kerning:1.0000pt;"><o:p></o:p></span></p><p style="margin-left: 48pt;vertical-align: baseline;background: rgb(255, 255, 255);"><span style="font-family:Symbol;mso-fareast-font-family:宋体;mso-bidi-font-family:&#39;Segoe UI&#39;;font-size:10.0000pt;mso-font-kerning:1.0000pt;">·</span><span style="mso-spacerun:&#39;yes&#39;;font-family:宋体;mso-bidi-font-family:&#39;Segoe UI&#39;;font-size:12.0000pt;mso-font-kerning:1.0000pt;"><span style="font-family:宋体;">惠山新城、东亭等刚需板块通过</span><span style="font-family:宋体;">“1字头”降价促销(如大华锦绣前城),单周成交8-17套,但远郊项目去化乏力。</span></span><span style="mso-spacerun:&#39;yes&#39;;font-family:宋体;mso-bidi-font-family:&#39;Segoe UI&#39;;font-size:12.0000pt;mso-font-kerning:1.0000pt;"><o:p></o:p></span></p><p style="margin-left: 24pt;vertical-align: baseline;background: rgb(255, 255, 255);"><strong><span style="font-family: 宋体;">改善需求逆势释放</span><span style="mso-spacerun:&#39;yes&#39;;font-family:宋体;mso-bidi-font-family:&#39;Segoe UI&#39;;font-size:12.0000pt;mso-font-kerning:0.0000pt;">:</span></strong><span style="mso-spacerun:&#39;yes&#39;;font-family:宋体;mso-bidi-font-family:&#39;Segoe UI&#39;;font-size:12.0000pt;mso-font-kerning:0.0000pt;"></span><span style="mso-spacerun:&#39;yes&#39;;font-family:宋体;mso-bidi-font-family:&#39;Segoe UI&#39;;font-size:12.0000pt;mso-font-kerning:0.0000pt;"><o:p></o:p></span></p><p style="margin-left: 48pt;vertical-align: baseline;background: rgb(255, 255, 255);"><span style="font-family:Symbol;mso-fareast-font-family:宋体;mso-bidi-font-family:&#39;Segoe UI&#39;;font-size:10.0000pt;mso-font-kerning:1.0000pt;">·</span><span style="mso-spacerun:&#39;yes&#39;;font-family:宋体;mso-bidi-font-family:&#39;Segoe UI&#39;;font-size:12.0000pt;mso-font-kerning:1.0000pt;"><span style="font-family:宋体;">经开区华发中央首府(单月成交</span>2.32亿元)、奥体潮鸣(单价38027元/㎡)占据全市40%高端成交份额,高净值客群偏好核心地段现房及学区资源。</span><span style="mso-spacerun:&#39;yes&#39;;font-family:宋体;mso-bidi-font-family:&#39;Segoe UI&#39;;font-size:12.0000pt;mso-font-kerning:1.0000pt;"><o:p></o:p></span></p><p style="margin-left: 48pt;vertical-align: baseline;background: rgb(255, 255, 255);"><span style="font-family:Symbol;mso-fareast-font-family:宋体;mso-bidi-font-family:&#39;Segoe UI&#39;;font-size:10.0000pt;mso-font-kerning:1.0000pt;">·</span><span style="mso-spacerun:&#39;yes&#39;;font-family:宋体;mso-bidi-font-family:&#39;Segoe UI&#39;;font-size:12.0000pt;mso-font-kerning:1.0000pt;"><span style="font-family:宋体;">二手房市场改善板块韧性显现,经开区蠡湖香樟园三期(</span>28702元/㎡)、河埒口次新房周成交环比+115%,反映“卖旧换新”需求升温。</span></p><section style="margin: 0px 0px 24px;line-height: 1.6em;text-align: justify;text-indent: 0em;"><span style="text-decoration: none solid rgba(0, 0, 0, 0.9);"><span style="text-decoration: none solid rgba(0, 0, 0, 0.9);font-size: 16px;letter-spacing: normal;"><span style="text-decoration: none solid rgba(0, 0, 0, 0.9);font-size: 16px;font-family: 微软雅黑;"></span></span></span><strong><span style="text-decoration: none solid rgba(0, 0, 0, 0.9);"><span style="text-decoration: none solid rgba(0, 0, 0, 0.9);font-size: 16px;letter-spacing: normal;"><span style="text-decoration: none solid rgba(0, 0, 0, 0.9);font-size: 16px;font-family: 微软雅黑;"></span></span><span style="text-decoration: none solid rgba(0, 0, 0, 0.9);font-family: 微软雅黑;font-size: 16px;letter-spacing: normal;"><o:p></o:p></span></span></strong></section><section style="margin: 0px 0px 24px;line-height: 1.6em;text-align: justify;text-indent: 0em;"><span style="text-decoration: none solid rgba(0, 0, 0, 0.9);"><span style="text-decoration: none solid rgba(0, 0, 0, 0.9);font-size: 16px;letter-spacing: normal;"><span style="text-decoration: none solid rgba(0, 0, 0, 0.9);font-size: 16px;font-family: 微软雅黑;"></span></span></span><strong><span style="text-decoration: none solid rgba(0, 0, 0, 0.9);"><span style="text-decoration: none solid rgba(0, 0, 0, 0.9);font-size: 16px;letter-spacing: normal;"><span style="text-decoration: none solid rgba(0, 0, 0, 0.9);font-size: 16px;font-family: 微软雅黑;"></span></span><span style="text-decoration: none solid rgba(0, 0, 0, 0.9);font-family: 微软雅黑;font-size: 16px;letter-spacing: normal;"><o:p></o:p></span></span></strong></section><section style="margin: 0px 0px 24px;line-height: 1.6em;text-align: justify;text-indent: 0em;"><span style="text-decoration: none solid rgba(0, 0, 0, 0.9);"><span style="text-decoration: none solid rgba(0, 0, 0, 0.9);font-size: 16px;letter-spacing: normal;"><span style="text-decoration: none solid rgba(0, 0, 0, 0.9);font-size: 16px;font-family: 微软雅黑;"></span></span></span><strong><span style="text-decoration: none solid rgba(0, 0, 0, 0.9);"><span style="text-decoration: none solid rgba(0, 0, 0, 0.9);font-size: 16px;letter-spacing: normal;"><span style="text-decoration: none solid rgba(0, 0, 0, 0.9);font-size: 16px;font-family: 微软雅黑;"></span></span><span style="text-decoration: none solid rgba(0, 0, 0, 0.9);font-family: 微软雅黑;font-size: 16px;letter-spacing: normal;"><o:p></o:p></span></span></strong></section><section style="margin: 0px 0px 24px;line-height: 1.6em;text-align: justify;text-indent: 0em;"><span style="text-decoration: none solid rgba(0, 0, 0, 0.9);"><span style="text-decoration: none solid rgba(0, 0, 0, 0.9);font-size: 16px;letter-spacing: normal;"><span style="text-decoration: none solid rgba(0, 0, 0, 0.9);font-size: 16px;font-family: 微软雅黑;"></span></span></span><strong><span style="text-decoration: none solid rgba(0, 0, 0, 0.9);"><span style="text-decoration: none solid rgba(0, 0, 0, 0.9);font-size: 16px;letter-spacing: normal;"><span style="text-decoration: none solid rgba(0, 0, 0, 0.9);font-size: 16px;font-family: 微软雅黑;"></span></span><span style="text-decoration: none solid rgba(0, 0, 0, 0.9);font-family: 微软雅黑;font-size: 16px;letter-spacing: normal;"><o:p></o:p></span></span></strong></section><section style="line-height: 1.6em;text-align: justify;margin: 0px 0px 24px;text-indent: 0em;"><span style="font-size: 16px;letter-spacing: normal;text-decoration: none solid rgba(0, 0, 0, 0.9);"></span></section><p style="margin-left: 16px;margin-right: 16px;margin-bottom: 0px;"><span style="font-size: var(--articleFontsize);letter-spacing: 0.578px;text-align: left;color: rgb(0, 122, 170);"><strong><strong style="letter-spacing: 0.578px;"><strong style="-webkit-tap-highlight-color: transparent;outline: 0px;color: rgb(34, 34, 34);font-family: -apple-system, BlinkMacSystemFont, &quot;Helvetica Neue&quot;, &quot;PingFang SC&quot;, &quot;Hiragino Sans GB&quot;, &quot;Microsoft YaHei UI&quot;, &quot;Microsoft YaHei&quot;, Arial, sans-serif;letter-spacing: 0.544px;background-color: rgb(255, 255, 255);visibility: visible;"><span style="-webkit-tap-highlight-color: transparent;outline: 0px;font-size: 45px;letter-spacing: 0px;visibility: visible;">03</span></strong></strong></strong></span><strong style="font-size: var(--articleFontsize);letter-spacing: 0.578px;text-align: left;"><strong style="letter-spacing: 0.578px;"><strong style="-webkit-tap-highlight-color: transparent;outline: 0px;color: rgb(34, 34, 34);font-family: -apple-system, BlinkMacSystemFont, &quot;Helvetica Neue&quot;, &quot;PingFang SC&quot;, &quot;Hiragino Sans GB&quot;, &quot;Microsoft YaHei UI&quot;, &quot;Microsoft YaHei&quot;, Arial, sans-serif;letter-spacing: 0.544px;background-color: rgb(255, 255, 255);visibility: visible;"><span style="-webkit-tap-highlight-color: transparent;outline: 0px;font-size: 45px;letter-spacing: 0px;visibility: visible;">&nbsp;</span></strong></strong></strong><strong style="font-size: var(--articleFontsize);letter-spacing: 0.034em;"><span style="font-size: 20px;letter-spacing: 0.578px;text-decoration-style: solid;text-decoration-color: rgba(0, 0, 0, 0.9);">板块轮动</span></strong></p><strong><span style="font-size: 17px;letter-spacing: 0px;text-decoration: none solid rgba(0, 0, 0, 0.9);">新吴区逆势抗跌,经开区虹吸效应强化</span></strong><h4 style="margin: 0px 16px;vertical-align: baseline;background: rgb(255, 255, 255);line-height: 1.6em;text-align: justify;text-indent: 0em;"><strong><span style="font-size: 17px;letter-spacing: 0px;text-decoration: none solid rgba(0, 0, 0, 0.9);"></span></strong><strong><span style="font-size: 20px;letter-spacing: 0.578px;text-decoration: none solid rgba(0, 0, 0, 0.9);"><span style="text-decoration: none solid rgba(0, 0, 0, 0.9);letter-spacing: 0.578px;font-size: 20px;font-family: 宋体;"><o:p></o:p></span></span></strong></h4><p style="margin-left: 16px;margin-right: 16px;margin-bottom: 0px;"><strong style="font-size: var(--articleFontsize);letter-spacing: 0.034em;"><span style="font-size: 20px;letter-spacing: 0.578px;text-decoration-style: solid;text-decoration-color: rgba(0, 0, 0, 0.9);"></span></strong></p><p style="margin-left: 16px;margin-right: 16px;margin-bottom: 0px;"><strong style="letter-spacing: 0.578px;text-align: left;font-size: var(--articleFontsize);"><strong style="letter-spacing: 0.034em;"><strong style="-webkit-tap-highlight-color: transparent;outline: 0px;color: rgb(34, 34, 34);font-family: -apple-system, BlinkMacSystemFont, &quot;Helvetica Neue&quot;, &quot;PingFang SC&quot;, &quot;Hiragino Sans GB&quot;, &quot;Microsoft YaHei UI&quot;, &quot;Microsoft YaHei&quot;, Arial, sans-serif;background-color: rgb(255, 255, 255);letter-spacing: 0.5px;font-size: 16px;"><span style="-webkit-tap-highlight-color: transparent;outline: 0px;color: rgb(136, 136, 136);letter-spacing: 3px;font-family: Optima-Regular, PingFangTC-light;">—</span></strong></strong></strong></p><p style="margin-left: 16px;margin-right: 16px;margin-bottom: 0px;"><strong style="letter-spacing: 0.578px;text-align: left;font-size: var(--articleFontsize);"><strong style="letter-spacing: 0.034em;"><strong style="-webkit-tap-highlight-color: transparent;outline: 0px;color: rgb(34, 34, 34);font-family: -apple-system, BlinkMacSystemFont, &quot;Helvetica Neue&quot;, &quot;PingFang SC&quot;, &quot;Hiragino Sans GB&quot;, &quot;Microsoft YaHei UI&quot;, &quot;Microsoft YaHei&quot;, Arial, sans-serif;background-color: rgb(255, 255, 255);letter-spacing: 0.5px;font-size: 16px;"><span style="-webkit-tap-highlight-color: transparent;outline: 0px;color: rgb(136, 136, 136);letter-spacing: 3px;font-family: Optima-Regular, PingFangTC-light;"><br /></span></strong></strong></strong></p><p style="margin-left: 24pt;vertical-align: baseline;background: rgb(255, 255, 255);"><strong><span style="font-size: var(--articleFontsize);letter-spacing: 0.034em;font-family: 宋体;">价格梯队分化</span><span style="letter-spacing: 0.034em;font-family: 宋体;font-size: 12pt;">:</span></strong><span style="letter-spacing: 0.034em;font-family: 宋体;font-size: 12pt;"></span><br /></p><p style="margin-left: 48pt;vertical-align: baseline;background: rgb(255, 255, 255);"><span style="font-family: Symbol;font-size: 10pt;">·</span><span style="font-family: 宋体;font-size: 12pt;">第一梯队</span><span style="mso-spacerun:&#39;yes&#39;;font-family:宋体;mso-bidi-font-family:&#39;Segoe UI&#39;;font-size:12.0000pt;mso-font-kerning:1.0000pt;"><span style="font-family:宋体;">(</span>&gt;3万/㎡):经开区(27585元/㎡)、梁溪区(26323元/㎡);</span><span style="mso-spacerun:&#39;yes&#39;;font-family:宋体;mso-bidi-font-family:&#39;Segoe UI&#39;;font-size:12.0000pt;mso-font-kerning:1.0000pt;"><o:p></o:p></span></p><p style="margin-left: 48pt;vertical-align: baseline;background: rgb(255, 255, 255);"><span style="font-family: Symbol;font-size: 10pt;">·</span><span style="font-family: 宋体;font-size: 12pt;">第二梯队</span><span style="mso-spacerun:&#39;yes&#39;;font-family:宋体;mso-bidi-font-family:&#39;Segoe UI&#39;;font-size:12.0000pt;mso-font-kerning:1.0000pt;"><span style="font-family:宋体;">(</span>1.5-3万/㎡):新吴区(18401元/㎡,</span><span style="font-family: 宋体;font-size: 12pt;">唯一环比上涨区域</span><span style="mso-spacerun:&#39;yes&#39;;font-family:宋体;mso-bidi-font-family:&#39;Segoe UI&#39;;font-size:12.0000pt;mso-font-kerning:1.0000pt;"><span style="font-family:宋体;">)、锡山区(</span>19652元/㎡)。</span><span style="mso-spacerun:&#39;yes&#39;;font-family:宋体;mso-bidi-font-family:&#39;Segoe UI&#39;;font-size:12.0000pt;mso-font-kerning:1.0000pt;"><o:p></o:p></span></p><p style="margin-left: 24pt;vertical-align: baseline;background: rgb(255, 255, 255);"><strong><span style="font-family: 宋体;">结构性亮点</span><span style="mso-spacerun:&#39;yes&#39;;font-family:宋体;mso-bidi-font-family:&#39;Segoe UI&#39;;font-size:12.0000pt;mso-font-kerning:0.0000pt;">:</span></strong><span style="mso-spacerun:&#39;yes&#39;;font-family:宋体;mso-bidi-font-family:&#39;Segoe UI&#39;;font-size:12.0000pt;mso-font-kerning:0.0000pt;"></span><span style="mso-spacerun:&#39;yes&#39;;font-family:宋体;mso-bidi-font-family:&#39;Segoe UI&#39;;font-size:12.0000pt;mso-font-kerning:0.0000pt;"><o:p></o:p></span></p><p style="margin-left: 48pt;vertical-align: baseline;background: rgb(255, 255, 255);"><span style="font-family: Symbol;font-size: 10pt;">·</span><span style="font-family: 宋体;font-size: 12pt;">新吴区</span><span style="mso-spacerun:&#39;yes&#39;;font-family:宋体;mso-bidi-font-family:&#39;Segoe UI&#39;;font-size:12.0000pt;mso-font-kerning:1.0000pt;"><span style="font-family:宋体;">:鸿山板块均价跳升超</span>6000元/㎡,凤鸣山庄(23389元/㎡)单盘成交0.72亿元,低密产品受改善客群青睐。</span><span style="mso-spacerun:&#39;yes&#39;;font-family:宋体;mso-bidi-font-family:&#39;Segoe UI&#39;;font-size:12.0000pt;mso-font-kerning:1.0000pt;"><o:p></o:p></span></p><p style="margin-left: 48pt;vertical-align: baseline;background: rgb(255, 255, 255);"><span style="font-family: Symbol;font-size: 10pt;">·</span><span style="font-family: 宋体;font-size: 12pt;">经开区</span><span style="mso-spacerun:&#39;yes&#39;;font-family:宋体;mso-bidi-font-family:&#39;Segoe UI&#39;;font-size:12.0000pt;mso-font-kerning:1.0000pt;"><span style="font-family:宋体;">:华庄街道低价项目集中备案致均价环比</span>-3.6%,但奥体潮鸣(38027元/㎡)、中信泰富玖映蠡湖(35087元/㎡)维持价格标杆地位。</span></p><p style="margin-right: 0pt;margin-left: 21pt;padding: 0pt;vertical-align: baseline;"><strong style="text-indent: 0em;font-size: var(--articleFontsize);letter-spacing: 0.578px;text-align: left;"><strong style="letter-spacing: 0.578px;"><strong style="-webkit-tap-highlight-color: transparent;outline: 0px;color: rgb(34, 34, 34);font-family: -apple-system, BlinkMacSystemFont, &quot;Helvetica Neue&quot;, &quot;PingFang SC&quot;, &quot;Hiragino Sans GB&quot;, &quot;Microsoft YaHei UI&quot;, &quot;Microsoft YaHei&quot;, Arial, sans-serif;letter-spacing: 0.544px;visibility: visible;"><span style="-webkit-tap-highlight-color: transparent;outline: 0px;font-size: 45px;letter-spacing: 0px;visibility: visible;">04&nbsp;</span></strong></strong></strong><strong style="font-size: var(--articleFontsize);letter-spacing: 0.034em;"><span style="font-size: 20px;letter-spacing: 0.578px;text-decoration-style: solid;text-decoration-color: rgba(0, 0, 0, 0.9);">政策与资金面</span></strong><strong style="font-size: var(--articleFontsize);letter-spacing: 0.034em;"><span style="font-size: 20px;letter-spacing: 0.68px;text-decoration-style: solid;text-decoration-color: rgba(0, 0, 0, 0.9);"></span></strong></p><h4 style="margin-top:12.0000pt;margin-right:0.0000pt;margin-bottom:12.0000pt;margin-left:0.0000pt;text-indent:0.0000pt;padding:0pt 0pt 0pt 0pt;mso-pagination:widow-orphan;vertical-align:baseline;background:rgb(255,255,255);"><strong><span style="font-family: &quot;Segoe UI&quot;;letter-spacing: 0pt;font-size: 12pt;background-image: initial;background-position: initial;background-size: initial;background-repeat: initial;background-attachment: initial;background-origin: initial;background-clip: initial;"></span></strong><strong><span style="font-family: &quot;Segoe UI&quot;;letter-spacing: 0pt;font-size: 12pt;"><o:p></o:p></span></strong></h4><section style="margin: 0px 0px 24px;line-height: 1.6em;text-align: justify;text-indent: 0em;"><strong style="text-indent: 0em;font-size: var(--articleFontsize);letter-spacing: 0.034em;"><span style="font-family: 微软雅黑;letter-spacing: normal;text-decoration-style: solid;text-decoration-color: rgba(0, 0, 0, 0.9);"></span></strong></section><section style="margin: 0px 0px 24px;line-height: 1.6em;text-align: justify;text-indent: 0em;"><strong><span style="font-size: 17px;letter-spacing: normal;text-decoration: none solid rgba(0, 0, 0, 0.9);"><span style="text-decoration: none solid rgba(0, 0, 0, 0.9);letter-spacing: normal;font-size: 17px;font-family: 微软雅黑;"></span></span></strong></section><strong><span style="font-size: 17px;letter-spacing: 0px;text-decoration: none solid rgba(0, 0, 0, 0.9);">消费刺激加码,土地市场冷清</span></strong><p style="margin: 0px 16px;vertical-align: baseline;background: rgb(255, 255, 255);line-height: 1.6em;text-align: justify;text-indent: 0em;"><strong><span style="font-size: 17px;letter-spacing: 0px;text-decoration: none solid rgba(0, 0, 0, 0.9);"></span></strong></p><section style="margin: 0px 16px;vertical-align: baseline;background: rgb(255, 255, 255);line-height: 1.6em;text-align: justify;text-indent: 0em;"><strong><span style="font-size: 17px;letter-spacing: 0px;text-decoration: none solid rgba(0, 0, 0, 0.9);">—</span></strong></section><p style="margin-left: 24pt;vertical-align: baseline;background: rgb(255, 255, 255);"><strong><span style="font-family: 宋体;font-size: var(--articleFontsize);letter-spacing: 0.034em;"></span></strong></p><p style="margin-left: 24pt;vertical-align: baseline;background: rgb(255, 255, 255);"><strong><span style="font-size: var(--articleFontsize);letter-spacing: 0.034em;font-family: 宋体;">政策托底措施</span><span style="letter-spacing: 0.034em;font-family: 宋体;font-size: 12pt;">:</span></strong><span style="letter-spacing: 0.034em;font-family: 宋体;font-size: 12pt;"></span><span style="font-family: Symbol;font-size: 10pt;"></span></p><p style="margin-left: 48pt;vertical-align: baseline;background: rgb(255, 255, 255);"><span style="font-family: Symbol;font-size: 10pt;">·</span><span style="font-family: 宋体;font-size: 12pt;">购房补贴</span><span style="mso-spacerun:&#39;yes&#39;;font-family:宋体;mso-bidi-font-family:&#39;Segoe UI&#39;;font-size:12.0000pt;mso-font-kerning:1.0000pt;"><span style="font-family:宋体;">:</span>60岁以上家庭购新房可获8万元消费券,叠加“以旧换新”免1年租金,撬动银企让利超1.8亿元。</span><span style="mso-spacerun:&#39;yes&#39;;font-family:宋体;mso-bidi-font-family:&#39;Segoe UI&#39;;font-size:12.0000pt;mso-font-kerning:1.0000pt;"><o:p></o:p></span></p><p style="margin-left: 48pt;vertical-align: baseline;background: rgb(255, 255, 255);"><span style="font-family: Symbol;font-size: 10pt;">·</span><span style="font-family: 宋体;font-size: 12pt;">大宗消费联动</span><span style="mso-spacerun:&#39;yes&#39;;font-family:宋体;mso-bidi-font-family:&#39;Segoe UI&#39;;font-size:12.0000pt;mso-font-kerning:1.0000pt;"><span style="font-family:宋体;">:汽车、家电、数码产品最高补贴</span>2.4万元,间接带动楼市人气,但转化率不足5%。</span><span style="mso-spacerun:&#39;yes&#39;;font-family:宋体;mso-bidi-font-family:&#39;Segoe UI&#39;;font-size:12.0000pt;mso-font-kerning:1.0000pt;"><o:p></o:p></span></p><p style="margin-left: 24pt;vertical-align: baseline;background: rgb(255, 255, 255);"><strong><span style="font-family: 宋体;">土地市场低迷</span><span style="mso-spacerun:&#39;yes&#39;;font-family:宋体;mso-bidi-font-family:&#39;Segoe UI&#39;;font-size:12.0000pt;mso-font-kerning:0.0000pt;">:</span></strong><span style="mso-spacerun:&#39;yes&#39;;font-family:宋体;mso-bidi-font-family:&#39;Segoe UI&#39;;font-size:12.0000pt;mso-font-kerning:0.0000pt;"></span><span style="mso-spacerun:&#39;yes&#39;;font-family:宋体;mso-bidi-font-family:&#39;Segoe UI&#39;;font-size:12.0000pt;mso-font-kerning:0.0000pt;"><o:p></o:p></span></p><p style="margin-left: 48pt;vertical-align: baseline;background: rgb(255, 255, 255);"><span style="font-family:Symbol;mso-fareast-font-family:宋体;mso-bidi-font-family:&#39;Segoe UI&#39;;font-size:10.0000pt;mso-font-kerning:1.0000pt;">·</span><span style="mso-spacerun:&#39;yes&#39;;font-family:宋体;mso-bidi-font-family:&#39;Segoe UI&#39;;font-size:12.0000pt;mso-font-kerning:1.0000pt;">1月成交5宗涉宅地(滨湖2宗、新吴3宗),总建面33.53万㎡,</span><span style="font-family: 宋体;font-size: 12pt;">均为底价成交</span><span style="mso-spacerun:&#39;yes&#39;;font-family:宋体;mso-bidi-font-family:&#39;Segoe UI&#39;;font-size:12.0000pt;mso-font-kerning:1.0000pt;"><span style="font-family:宋体;">,楼面价</span>5980-16800元/㎡,国资平台托底拿地占比100%。</span></p><section style="margin: 0px 0px 24px;line-height: 1.6em;text-align: justify;text-indent: 0em;"><span style="font-family: 微软雅黑;font-size: 16px;letter-spacing: normal;text-decoration: none solid rgba(0, 0, 0, 0.9);"></span></section><section style="margin: 0px 0px 24px;line-height: 1.6em;text-align: justify;text-indent: 0em;"><span style="text-decoration: none solid rgba(0, 0, 0, 0.9);"><span style="text-decoration: none solid rgba(0, 0, 0, 0.9);font-size: 16px;letter-spacing: normal;"><span style="text-decoration: none solid rgba(0, 0, 0, 0.9);font-size: 16px;font-family: 微软雅黑;"></span></span></span><strong><span style="text-decoration: none solid rgba(0, 0, 0, 0.9);"><span style="text-decoration: none solid rgba(0, 0, 0, 0.9);font-size: 16px;letter-spacing: normal;"><span style="text-decoration: none solid rgba(0, 0, 0, 0.9);font-size: 16px;font-family: 微软雅黑;"></span></span><span style="text-decoration: none solid rgba(0, 0, 0, 0.9);font-family: 微软雅黑;font-size: 16px;letter-spacing: normal;"><o:p></o:p></span></span></strong></section><section style="margin: 0px 0px 24px;line-height: 1.6em;text-align: justify;text-indent: 0em;"><span style="text-decoration: none solid rgba(0, 0, 0, 0.9);"><span style="text-decoration: none solid rgba(0, 0, 0, 0.9);font-size: 16px;letter-spacing: normal;"><span style="text-decoration: none solid rgba(0, 0, 0, 0.9);font-size: 16px;font-family: 微软雅黑;"></span></span></span><strong><span style="text-decoration: none solid rgba(0, 0, 0, 0.9);"><span style="text-decoration: none solid rgba(0, 0, 0, 0.9);font-size: 16px;letter-spacing: normal;"><span style="text-decoration: none solid rgba(0, 0, 0, 0.9);font-size: 16px;font-family: 微软雅黑;"></span></span><span style="text-decoration: none solid rgba(0, 0, 0, 0.9);font-family: 微软雅黑;font-size: 16px;letter-spacing: normal;"><o:p></o:p></span></span></strong></section><section style="margin: 0px 0px 24px;line-height: 1.6em;text-align: justify;text-indent: 0em;"><span style="text-decoration: none solid rgba(0, 0, 0, 0.9);"><span style="text-decoration: none solid rgba(0, 0, 0, 0.9);font-size: 16px;letter-spacing: normal;"><span style="text-decoration: none solid rgba(0, 0, 0, 0.9);font-size: 16px;font-family: 微软雅黑;"></span></span></span><strong><span style="text-decoration: none solid rgba(0, 0, 0, 0.9);"><span style="text-decoration: none solid rgba(0, 0, 0, 0.9);font-size: 16px;letter-spacing: normal;"><span style="text-decoration: none solid rgba(0, 0, 0, 0.9);font-size: 16px;font-family: 微软雅黑;"></span></span><span style="text-decoration: none solid rgba(0, 0, 0, 0.9);font-family: 微软雅黑;font-size: 16px;letter-spacing: normal;"><o:p></o:p></span></span></strong></section><section style="margin: 0px 0px 24px;line-height: 1.6em;text-align: justify;text-indent: 0em;"><span style="text-decoration: none solid rgba(0, 0, 0, 0.9);"><span style="text-decoration: none solid rgba(0, 0, 0, 0.9);font-size: 16px;letter-spacing: normal;"><span style="text-decoration: none solid rgba(0, 0, 0, 0.9);font-size: 16px;font-family: 微软雅黑;"></span></span></span></section><p style="padding: 0pt;vertical-align: baseline;background: rgb(255, 255, 255);margin-left: 16px;margin-right: 16px;margin-bottom: 0px;"><strong style="letter-spacing: 0.578px;font-size: var(--articleFontsize);text-align: left;"><strong style="letter-spacing: 0.578px;"><strong style="-webkit-tap-highlight-color: transparent;outline: 0px;color: rgb(34, 34, 34);font-family: -apple-system, BlinkMacSystemFont, &quot;Helvetica Neue&quot;, &quot;PingFang SC&quot;, &quot;Hiragino Sans GB&quot;, &quot;Microsoft YaHei UI&quot;, &quot;Microsoft YaHei&quot;, Arial, sans-serif;letter-spacing: 0.544px;visibility: visible;"><span style="-webkit-tap-highlight-color: transparent;outline: 0px;font-size: 45px;letter-spacing: 0px;visibility: visible;">05 </span></strong></strong></strong><strong style="font-size: var(--articleFontsize);letter-spacing: 0.034em;"><span style="font-size: 20px;letter-spacing: 0.578px;text-decoration-style: solid;text-decoration-color: rgba(0, 0, 0, 0.9);">机构观点</span></strong><strong style="font-size: var(--articleFontsize);letter-spacing: 0.034em;"><span style="font-size: 20px;letter-spacing: 0.578px;text-decoration-style: solid;text-decoration-color: rgba(0, 0, 0, 0.9);"></span></strong></p><h4 style="margin-top:12.0000pt;margin-right:0.0000pt;margin-bottom:12.0000pt;margin-left:0.0000pt;text-indent:0.0000pt;padding:0pt 0pt 0pt 0pt;mso-pagination:widow-orphan;vertical-align:baseline;background:rgb(255,255,255);"><strong><span style="font-family: &quot;Segoe UI&quot;;letter-spacing: 0pt;font-size: 12pt;background-image: initial;background-position: initial;background-size: initial;background-repeat: initial;background-attachment: initial;background-origin: initial;background-clip: initial;"></span></strong><strong><span style="font-family: &quot;Segoe UI&quot;;letter-spacing: 0pt;font-size: 12pt;"><o:p></o:p></span></strong></h4><section style="margin: 0px 0px 24px;line-height: 1.6em;text-align: justify;text-indent: 0em;"><strong><span style="font-family: 微软雅黑;font-size: 17px;letter-spacing: normal;text-decoration: none solid rgba(0, 0, 0, 0.9);"></span></strong></section><section style="margin: 0px 0px 24px;line-height: 1.6em;text-align: justify;text-indent: 0em;"><strong><span style="font-size: 17px;letter-spacing: normal;text-decoration: none solid rgba(0, 0, 0, 0.9);"><span style="text-decoration: none solid rgba(0, 0, 0, 0.9);letter-spacing: normal;font-size: 17px;font-family: 微软雅黑;"></span><span style="text-decoration: none solid rgba(0, 0, 0, 0.9);letter-spacing: normal;font-size: 17px;font-family: 微软雅黑;"><o:p></o:p></span></span></strong></section><section style="margin: 0px 0px 24px;line-height: 1.6em;text-align: justify;text-indent: 0em;"><strong><span style="font-family: 微软雅黑;font-size: 17px;letter-spacing: normal;text-decoration: none solid rgba(0, 0, 0, 0.9);"></span></strong></section><strong><span style="font-size: 17px;letter-spacing: 0px;text-decoration: none solid rgba(0, 0, 0, 0.9);">短期分化延续,长期依赖经济复苏</span></strong><h4 style="margin-top:0.0000pt;margin-bottom:0.0000pt;vertical-align:baseline;background:rgb(255,255,255);"><strong><span style="font-size: 17px;letter-spacing: 0px;text-decoration: none solid rgba(0, 0, 0, 0.9);"></span></strong><strong><span style="font-family: 宋体;font-size: 12pt;"><o:p></o:p></span></strong></h4><section style="margin-left: 16px;margin-right: 16px;"><strong style="letter-spacing: 0.578px;text-align: left;font-size: var(--articleFontsize);"><strong style="letter-spacing: 0.034em;"><strong style="-webkit-tap-highlight-color: transparent;outline: 0px;color: rgb(34, 34, 34);font-family: -apple-system, BlinkMacSystemFont, &quot;Helvetica Neue&quot;, &quot;PingFang SC&quot;, &quot;Hiragino Sans GB&quot;, &quot;Microsoft YaHei UI&quot;, &quot;Microsoft YaHei&quot;, Arial, sans-serif;background-color: rgb(255, 255, 255);letter-spacing: 0.5px;font-size: 16px;"><span style="-webkit-tap-highlight-color: transparent;outline: 0px;color: rgb(136, 136, 136);letter-spacing: 3px;font-family: Optima-Regular, PingFangTC-light;"></span></strong></strong></strong></section><section style="margin-left: 16px;margin-right: 16px;"><strong style="letter-spacing: 0.578px;text-align: left;font-size: var(--articleFontsize);"><strong style="letter-spacing: 0.034em;"><strong style="-webkit-tap-highlight-color: transparent;outline: 0px;color: rgb(34, 34, 34);font-family: -apple-system, BlinkMacSystemFont, &quot;Helvetica Neue&quot;, &quot;PingFang SC&quot;, &quot;Hiragino Sans GB&quot;, &quot;Microsoft YaHei UI&quot;, &quot;Microsoft YaHei&quot;, Arial, sans-serif;background-color: rgb(255, 255, 255);letter-spacing: 0.5px;font-size: 16px;"><span style="-webkit-tap-highlight-color: transparent;outline: 0px;color: rgb(136, 136, 136);letter-spacing: 3px;font-family: Optima-Regular, PingFangTC-light;">—</span></strong></strong></strong></section><p style="margin-left: 24pt;vertical-align: baseline;background: rgb(255, 255, 255);"><strong><span style="font-family: 宋体;font-size: 12pt;">政策预期</span><span style="mso-spacerun:&#39;yes&#39;;font-family:宋体;mso-bidi-font-family:&#39;Segoe UI&#39;;font-size:12.0000pt;mso-font-kerning:1.0000pt;"><span style="font-family:宋体;">:</span></span></strong><span style="mso-spacerun:&#39;yes&#39;;font-family:宋体;mso-bidi-font-family:&#39;Segoe UI&#39;;font-size:12.0000pt;mso-font-kerning:1.0000pt;"><span style="font-family:宋体;">同策研究院建议优化限购、降低交易税费以提振信心,中原地产预测</span>3-4月或现“分化型小阳春”,核心区优质项目受益。</span><span style="mso-spacerun:&#39;yes&#39;;font-family:宋体;mso-bidi-font-family:&#39;Segoe UI&#39;;font-size:12.0000pt;mso-font-kerning:1.0000pt;"><o:p></o:p></span></p><p style="margin-left: 24pt;vertical-align: baseline;background: rgb(255, 255, 255);"><strong><span style="font-family: 宋体;font-size: 12pt;">房企策略</span><span style="mso-spacerun:&#39;yes&#39;;font-family:宋体;mso-bidi-font-family:&#39;Segoe UI&#39;;font-size:12.0000pt;mso-font-kerning:1.0000pt;"><span style="font-family:宋体;">:</span></span></strong><span style="mso-spacerun:&#39;yes&#39;;font-family:宋体;mso-bidi-font-family:&#39;Segoe UI&#39;;font-size:12.0000pt;mso-font-kerning:1.0000pt;"><span style="font-family:宋体;">克而瑞指出国资主导土地市场,民企聚焦</span><span style="font-family:宋体;">“高性价比现房+政府补贴”项目(如华发中央首府),以安全性和价格优势触发决策。</span></span><span style="mso-spacerun:&#39;yes&#39;;font-family:宋体;mso-bidi-font-family:&#39;Segoe UI&#39;;font-size:12.0000pt;mso-font-kerning:1.0000pt;"><o:p></o:p></span></p><p style="margin-left: 24pt;vertical-align: baseline;background: rgb(255, 255, 255);"><strong><span style="font-family: 宋体;font-size: 12pt;">风险警示</span><span style="mso-spacerun:&#39;yes&#39;;font-family:宋体;mso-bidi-font-family:&#39;Segoe UI&#39;;font-size:12.0000pt;mso-font-kerning:1.0000pt;"><span style="font-family:宋体;">:</span></span></strong><span style="mso-spacerun:&#39;yes&#39;;font-family:宋体;mso-bidi-font-family:&#39;Segoe UI&#39;;font-size:12.0000pt;mso-font-kerning:1.0000pt;"><span style="font-family:宋体;"></span>CRIC数据显示库存压力持续,若月均去化维持17.9万㎡,外围区域需进一步降价;中指研究院强调经济复苏与收入预期为长期回暖关键。</span></p><p style="margin-right: 16px;margin-bottom: 0px;margin-left: 16px;padding: 0pt;letter-spacing: 0.578px;vertical-align: baseline;background: rgb(255, 255, 255);"><br /></p><p style="margin-right: 16px;margin-bottom: 0px;margin-left: 16px;padding: 0pt;letter-spacing: 0.578px;vertical-align: baseline;background: rgb(255, 255, 255);"><strong style="letter-spacing: 0.578px;font-size: var(--articleFontsize);text-align: left;"><strong style="letter-spacing: 0.578px;"><strong style="-webkit-tap-highlight-color: transparent;outline: 0px;color: rgb(34, 34, 34);font-family: -apple-system, BlinkMacSystemFont, &quot;Helvetica Neue&quot;, &quot;PingFang SC&quot;, &quot;Hiragino Sans GB&quot;, &quot;Microsoft YaHei UI&quot;, &quot;Microsoft YaHei&quot;, Arial, sans-serif;letter-spacing: 0.544px;visibility: visible;"><span style="-webkit-tap-highlight-color: transparent;outline: 0px;font-size: 45px;letter-spacing: 0px;visibility: visible;">06&nbsp;</span></strong></strong></strong><strong style="font-size: var(--articleFontsize);letter-spacing: 0.034em;"><span style="font-size: 20px;letter-spacing: 0.578px;text-decoration-style: solid;text-decoration-color: rgba(0, 0, 0, 0.9);">策略建议</span></strong></p><section style="margin-top: 0pt;margin-bottom: 0pt;letter-spacing: 0.578px;vertical-align: baseline;background: rgb(255, 255, 255);"><strong><span style="letter-spacing: 0px;text-decoration-style: solid;text-decoration-color: rgba(0, 0, 0, 0.9);"></span></strong></section><h4 style="margin-top: 0pt;margin-bottom: 0pt;letter-spacing: 0.578px;vertical-align: baseline;background: rgb(255, 255, 255);"><strong><span style="font-size: 17px;letter-spacing: 0px;text-decoration-style: solid;text-decoration-color: rgba(0, 0, 0, 0.9);"></span></strong></h4><p style="margin-left: 24pt;letter-spacing: 0.578px;vertical-align: baseline;background: rgb(255, 255, 255);"><strong style="letter-spacing: 0.578px;text-align: left;"><strong style="-webkit-tap-highlight-color: transparent;outline: 0px;color: rgb(34, 34, 34);font-family: -apple-system, BlinkMacSystemFont, &quot;Helvetica Neue&quot;, &quot;PingFang SC&quot;, &quot;Hiragino Sans GB&quot;, &quot;Microsoft YaHei UI&quot;, &quot;Microsoft YaHei&quot;, Arial, sans-serif;letter-spacing: 0.544px;visibility: visible;"><span style="-webkit-tap-highlight-color: transparent;outline: 0px;letter-spacing: 0px;visibility: visible;font-size: 20px;"><strong style="font-size: var(--articleFontsize);letter-spacing: 0.578px;"><strong style="letter-spacing: 0.034em;"><strong style="-webkit-tap-highlight-color: transparent;outline: 0px;letter-spacing: 0.5px;font-size: 16px;"><span style="-webkit-tap-highlight-color: transparent;outline: 0px;color: rgb(136, 136, 136);letter-spacing: 3px;font-family: Optima-Regular, PingFangTC-light;">—</span></strong></strong></strong></span></strong></strong></p><p style="margin-left: 24pt;vertical-align: baseline;background: rgb(255, 255, 255);"><strong><span style="font-size: var(--articleFontsize);letter-spacing: 0.034em;font-family: 宋体;">短期</span><span style="font-size: var(--articleFontsize);letter-spacing: 0.034em;font-family: 宋体;">:</span></strong><span style="font-size: var(--articleFontsize);letter-spacing: 0.034em;font-family: 宋体;"></span><span style="letter-spacing: 0.034em;font-family: 宋体;font-size: 12pt;">建议关注政策敏感型板块(如新吴鸿山、惠山新城)及高性价比改善盘;</span></p><p style="margin-left: 24pt;vertical-align: baseline;background: rgb(255, 255, 255);"><strong><span style="font-size: var(--articleFontsize);letter-spacing: 0.034em;font-family: 宋体;">中长期</span><span style="font-size: var(--articleFontsize);letter-spacing: 0.034em;font-family: 宋体;">:</span></strong><span style="font-size: var(--articleFontsize);letter-spacing: 0.034em;font-family: 宋体;"></span><span style="letter-spacing: 0.034em;font-family: 宋体;font-size: 12pt;">需观察土地市场回暖信号及库存去化节奏,经济基本面修复为核心变量。</span></p><p style="vertical-align: baseline;background: rgb(255, 255, 255);"><span style="mso-spacerun:&#39;yes&#39;;font-family:宋体;mso-bidi-font-family:&#39;Segoe UI&#39;;font-size:12.0000pt;mso-font-kerning:0.0000pt;"></span><span style="mso-spacerun:&#39;yes&#39;;font-family:宋体;mso-bidi-font-family:&#39;Segoe UI&#39;;font-size:12.0000pt;mso-font-kerning:0.0000pt;"><o:p></o:p></span></p><p style="margin-left: 24pt;vertical-align: baseline;background: rgb(255, 255, 255);"><span style="mso-spacerun:&#39;yes&#39;;font-family:宋体;mso-bidi-font-family:&#39;Segoe UI&#39;;font-size:12.0000pt;mso-font-kerning:1.0000pt;"><span style="font-family:宋体;"></span></span></p><section style="margin: 16px 0px;line-height: 1.6em;text-align: justify;text-indent: 0em;"><section style="-webkit-tap-highlight-color: transparent;margin-right: 8px;margin-left: 8px;outline: 0px;font-family: -apple-system-font, BlinkMacSystemFont, &quot;Helvetica Neue&quot;, &quot;PingFang SC&quot;, &quot;Hiragino Sans GB&quot;, &quot;Microsoft YaHei UI&quot;, &quot;Microsoft YaHei&quot;, Arial, sans-serif;letter-spacing: 0.544px;text-align: center;min-height: 1em;line-height: 1.75em;"><span style="-webkit-tap-highlight-color: transparent;outline: 0px;letter-spacing: 0.544px;color: rgb(127, 127, 127);font-family: PingFangTC-Light;font-size: 12px;caret-color: red;background-color: rgb(255, 255, 255);">*</span><br style="-webkit-tap-highlight-color: transparent;outline: 0px;" /></section></section><section data-role="outer" label="Powered by 135editor.com" style="-webkit-tap-highlight-color: transparent;margin-bottom: 0px;outline: 0px;letter-spacing: 0.544px;"><section data-role="outer" label="Powered by 135editor.com" style="-webkit-tap-highlight-color: transparent;outline: 0px;"><section data-role="paragraph" style="color: rgb(34, 34, 34);font-family: -apple-system, BlinkMacSystemFont, &quot;Helvetica Neue&quot;, &quot;PingFang SC&quot;, &quot;Hiragino Sans GB&quot;, &quot;Microsoft YaHei UI&quot;, &quot;Microsoft YaHei&quot;, Arial, sans-serif;-webkit-tap-highlight-color: transparent;outline: 0px;letter-spacing: 0.544px;background-color: rgb(255, 255, 255);"><section data-role="outer" label="Powered by 135editor.com" style="-webkit-tap-highlight-color: transparent;outline: 0px;"><section data-role="paragraph" style="-webkit-tap-highlight-color: transparent;outline: 0px;"><section style="-webkit-tap-highlight-color: transparent;margin-right: 8px;margin-left: 8px;outline: 0px;letter-spacing: 0.544px;min-height: 1em;text-align: center;font-family: -apple-system-font, BlinkMacSystemFont, &quot;Helvetica Neue&quot;, &quot;PingFang SC&quot;, &quot;Hiragino Sans GB&quot;, &quot;Microsoft YaHei UI&quot;, &quot;Microsoft YaHei&quot;, Arial, sans-serif;"><section style="-webkit-tap-highlight-color: transparent;margin-right: 8px;margin-left: 8px;outline: 0px;min-height: 1em;color: rgb(0, 0, 0);font-size: 14px;line-height: 1.75em;"><span style="-webkit-tap-highlight-color: transparent;outline: 0px;color: rgb(127, 127, 127);font-size: 12px;letter-spacing: 0.544px;font-family: PingFangTC-Light;">关注分享</span></section><section style="-webkit-tap-highlight-color: transparent;margin-right: 8px;margin-left: 8px;outline: 0px;line-height: 1.75em;"><span style="-webkit-tap-highlight-color: transparent;outline: 0px;caret-color: red;color: rgb(127, 127, 127);font-size: 12px;font-family: PingFangTC-Light;">FOLLOW US &amp; SHARE ON MOMENTS</span></section><section style="-webkit-tap-highlight-color: transparent;margin-right: 8px;margin-left: 8px;outline: 0px;line-height: 1.75em;"><br /></section><section style="-webkit-tap-highlight-color: transparent;margin-right: 8px;margin-left: 8px;outline: 0px;line-height: 1.75em;"><span style="font-size: 14px;color: rgb(127, 127, 127);font-family: PingFangTC-Light;letter-spacing: 0.544px;">土拍交流群</span></section></section></section></section></section><section data-role="outer" style="-webkit-tap-highlight-color: transparent;outline: 0px;letter-spacing: 0.544px;background-color: rgb(255, 255, 255);"><section data-role="paragraph" style="-webkit-tap-highlight-color: transparent;outline: 0px;"><p style="text-align: center;"><img class="rich_pages wxw-img" data-galleryid="" data-imgfileid="100035190" data-ratio="0.9763313609467456" data-s="300,640" data-src="https://mmbiz.qpic.cn/sz_mmbiz_png/VXjHib6YROwl2VMPo5Qco6GDiaFrD2HHORKkqQ8WYGbb3mjzcezd08RRBeoB46kyEcbcg4B3wPaTpMic8cacvMwqA/640?wx_fmt=png&amp;from=appmsg" data-type="png" data-w="338" style="width: 207px;height: auto !important;"></p></section></section></section></section><section data-role="paragraph" style="-webkit-tap-highlight-color: transparent;margin-bottom: 0px;outline: 0px;color: rgb(34, 34, 34);font-family: -apple-system, BlinkMacSystemFont, &quot;Helvetica Neue&quot;, &quot;PingFang SC&quot;, &quot;Hiragino Sans GB&quot;, &quot;Microsoft YaHei UI&quot;, &quot;Microsoft YaHei&quot;, Arial, sans-serif;letter-spacing: 0.544px;background-color: rgb(255, 255, 255);"><section data-role="paragraph" style="-webkit-tap-highlight-color: transparent;outline: 0px;"><section style="-webkit-tap-highlight-color: transparent;margin-right: 8px;margin-left: 8px;outline: 0px;min-height: 1em;"><br style="-webkit-tap-highlight-color: transparent;outline: 0px;" /></section></section></section><section style="-webkit-tap-highlight-color: transparent;margin-right: 8px;margin-bottom: 0px;margin-left: 8px;outline: 0px;color: rgb(34, 34, 34);font-family: -apple-system, BlinkMacSystemFont, &quot;Helvetica Neue&quot;, &quot;PingFang SC&quot;, &quot;Hiragino Sans GB&quot;, &quot;Microsoft YaHei UI&quot;, &quot;Microsoft YaHei&quot;, Arial, sans-serif;letter-spacing: 0.544px;background-color: rgb(255, 255, 255);text-align: right;line-height: 1.75em;"><br style="-webkit-tap-highlight-color: transparent;outline: 0px;" /></section><section style="-webkit-tap-highlight-color: transparent;margin-right: 8px;margin-bottom: 0px;margin-left: 8px;outline: 0px;color: rgb(34, 34, 34);font-family: -apple-system, BlinkMacSystemFont, &quot;Helvetica Neue&quot;, &quot;PingFang SC&quot;, &quot;Hiragino Sans GB&quot;, &quot;Microsoft YaHei UI&quot;, &quot;Microsoft YaHei&quot;, Arial, sans-serif;letter-spacing: 0.544px;background-color: rgb(255, 255, 255);text-align: right;line-height: 1.75em;"><span style="-webkit-tap-highlight-color: transparent;outline: 0px;color: rgb(89, 89, 89);letter-spacing: 1.5px;text-align: center;-webkit-text-stroke-width: 0.2px;font-size: 12px;font-family: 微软雅黑, &quot;Microsoft YaHei&quot;;">感谢你的每一个分享 | 点赞 | 在看</span></section><section style="-webkit-tap-highlight-color: transparent;margin-right: 8px;margin-bottom: 0px;margin-left: 8px;outline: 0px;color: rgb(34, 34, 34);font-family: -apple-system, BlinkMacSystemFont, &quot;Helvetica Neue&quot;, &quot;PingFang SC&quot;, &quot;Hiragino Sans GB&quot;, &quot;Microsoft YaHei UI&quot;, &quot;Microsoft YaHei&quot;, Arial, sans-serif;letter-spacing: 0.544px;background-color: rgb(255, 255, 255);text-align: right;line-height: 1.75em;"><span style="-webkit-tap-highlight-color: transparent;outline: 0px;color: rgb(89, 89, 89);letter-spacing: 1.5px;text-align: center;-webkit-text-stroke-width: 0.2px;font-size: 12px;font-family: 微软雅黑, &quot;Microsoft YaHei&quot;;">SPECIAL THANKS</span></section><section style="-webkit-tap-highlight-color: transparent;margin-right: 8px;margin-bottom: 0px;margin-left: 8px;outline: 0px;color: rgb(34, 34, 34);font-family: -apple-system, BlinkMacSystemFont, &quot;Helvetica Neue&quot;, &quot;PingFang SC&quot;, &quot;Hiragino Sans GB&quot;, &quot;Microsoft YaHei UI&quot;, &quot;Microsoft YaHei&quot;, Arial, sans-serif;letter-spacing: 0.544px;background-color: rgb(255, 255, 255);text-align: right;line-height: 1.75em;"><span style="-webkit-tap-highlight-color: transparent;outline: 0px;color: rgb(89, 89, 89);letter-spacing: 1.5px;text-align: center;-webkit-text-stroke-width: 0.2px;font-size: 12px;font-family: 微软雅黑, &quot;Microsoft YaHei&quot;;">▼▼▼</span></section><p><o:p></o:p></p><section style="line-height: 1.6em;text-align: justify;margin: 0px 0px 24px;text-indent: 0em;"><br /></section><p style="display: none;"><mp-style-type data-value="3"></mp-style-type></p>

← 返回观点全库