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阿辉地摊 | 集中供地数据观

发布于 2022-01-27

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border-box;font-family: Optima-Regular, PingFangTC-light;overflow-wrap: break-word !important;"><p style="max-width: 100%;box-sizing: border-box;min-height: 1em;overflow-wrap: break-word !important;"><br /></p><p style="max-width: 100%;box-sizing: border-box;min-height: 1em;overflow-wrap: break-word !important;"><br /></p></section></section></section><section style="margin-right: 8px;margin-left: 8px;text-align: center;line-height: 2em;box-sizing: border-box;"><strong><span style="background-color: rgb(0, 0, 0);color: rgb(255, 255, 255);"><section style="margin-right: 8px;margin-left: 8px;max-width: 100%;box-sizing: border-box;color: rgb(51, 51, 51);letter-spacing: 0.544px;background-color: rgb(255, 255, 255);line-height: 2em;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;overflow-wrap: break-word !important;"><strong style="max-width: 100%;box-sizing: border-box !important;overflow-wrap: break-word !important;"><span style="max-width: 100%;background-color: rgb(0, 0, 0);color: rgb(255, 255, 255);box-sizing: border-box !important;overflow-wrap: break-word !important;"><em style="max-width: 100%;color: rgb(51, 51, 51);font-size: 20px;letter-spacing: 0.544px;background-color: rgb(255, 255, 255);font-family: -apple-system-font, system-ui, &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;box-sizing: border-box !important;overflow-wrap: break-word !important;"><span style="max-width: 100%;letter-spacing: 0.544px;color: rgb(178, 178, 178);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;box-sizing: border-box !important;overflow-wrap: break-word !important;"><strong style="max-width: 100%;color: rgb(53, 53, 53);font-size: 12px;letter-spacing: 0.544px;font-family: &quot;Helvetica Neue&quot;, &quot;Hiragino Sans GB&quot;, &quot;Microsoft YaHei&quot;, 黑体, Arial, sans-serif;box-sizing: border-box !important;overflow-wrap: break-word !important;"><strong style="max-width: 100%;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;box-sizing: border-box !important;overflow-wrap: break-word !important;"><span style="max-width: 100%;font-size: 20px;color: rgb(178, 178, 178);text-transform: uppercase;letter-spacing: 1px;font-family: didot;box-sizing: border-box !important;overflow-wrap: break-word !important;"><strong style="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: 2px;text-align: center;white-space: normal;background-color: rgb(255, 255, 255);max-width: 100%;box-sizing: border-box !important;overflow-wrap: break-word !important;"><span style="max-width: 100%;background-color: rgb(0, 0, 0);color: rgb(255, 255, 255);box-sizing: border-box !important;overflow-wrap: break-word !important;"><em style="max-width: 100%;color: rgb(51, 51, 51);font-size: 20px;letter-spacing: 0.544px;background-color: rgb(255, 255, 255);font-family: -apple-system-font, system-ui, &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;box-sizing: border-box !important;overflow-wrap: break-word !important;"><span style="max-width: 100%;letter-spacing: 0.544px;color: rgb(178, 178, 178);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;box-sizing: border-box !important;overflow-wrap: break-word !important;"><strong style="max-width: 100%;color: rgb(53, 53, 53);font-size: 12px;letter-spacing: 0.544px;font-family: &quot;Helvetica Neue&quot;, &quot;Hiragino Sans GB&quot;, &quot;Microsoft YaHei&quot;, 黑体, Arial, sans-serif;box-sizing: border-box !important;overflow-wrap: break-word !important;"><strong style="max-width: 100%;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;box-sizing: border-box !important;overflow-wrap: break-word !important;"><span style="max-width: 100%;font-size: 20px;color: rgb(178, 178, 178);text-transform: uppercase;letter-spacing: 1px;font-family: didot;box-sizing: border-box !important;overflow-wrap: break-word !important;">&nbsp; &nbsp;/&nbsp;</span></strong></strong></span></em></span></strong><strong style="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: 2px;text-align: center;white-space: normal;background-color: rgb(255, 255, 255);max-width: 100%;box-sizing: border-box !important;overflow-wrap: break-word !important;"><span style="max-width: 100%;color: rgb(255, 255, 255);box-sizing: border-box !important;overflow-wrap: break-word !important;"><em style="max-width: 100%;color: rgb(51, 51, 51);font-size: 20px;letter-spacing: 0.544px;font-family: -apple-system-font, system-ui, &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;box-sizing: border-box !important;overflow-wrap: break-word !important;"><span style="max-width: 100%;letter-spacing: 0.544px;color: rgb(178, 178, 178);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;box-sizing: border-box !important;overflow-wrap: break-word !important;"><strong style="max-width: 100%;color: rgb(53, 53, 53);font-size: 12px;letter-spacing: 0.544px;font-family: &quot;Helvetica Neue&quot;, &quot;Hiragino Sans GB&quot;, &quot;Microsoft YaHei&quot;, 黑体, Arial, sans-serif;box-sizing: border-box !important;overflow-wrap: break-word !important;"><strong style="max-width: 100%;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;box-sizing: border-box !important;overflow-wrap: break-word !important;"><span style="max-width: 100%;font-size: 20px;color: rgb(178, 178, 178);text-transform: uppercase;letter-spacing: 1px;font-family: didot;box-sizing: border-box !important;overflow-wrap: break-word !important;">CHAPEAU</span></strong></strong></span></em></span></strong><strong style="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: 2px;text-align: center;white-space: normal;background-color: rgb(255, 255, 255);max-width: 100%;box-sizing: border-box !important;overflow-wrap: break-word !important;"><span style="max-width: 100%;background-color: rgb(0, 0, 0);color: rgb(255, 255, 255);box-sizing: border-box !important;overflow-wrap: break-word !important;"><em style="max-width: 100%;color: rgb(51, 51, 51);font-size: 20px;letter-spacing: 0.544px;background-color: rgb(255, 255, 255);font-family: -apple-system-font, system-ui, &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;box-sizing: border-box !important;overflow-wrap: break-word !important;"><span style="max-width: 100%;letter-spacing: 0.544px;color: rgb(178, 178, 178);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;box-sizing: border-box !important;overflow-wrap: break-word !important;"><strong style="max-width: 100%;color: rgb(53, 53, 53);font-size: 12px;letter-spacing: 0.544px;font-family: &quot;Helvetica Neue&quot;, &quot;Hiragino Sans GB&quot;, &quot;Microsoft YaHei&quot;, 黑体, Arial, sans-serif;box-sizing: border-box !important;overflow-wrap: break-word !important;"><strong style="max-width: 100%;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;box-sizing: border-box !important;overflow-wrap: break-word !important;"><span style="max-width: 100%;font-size: 20px;color: rgb(178, 178, 178);text-transform: uppercase;letter-spacing: 1px;font-family: didot;box-sizing: border-box !important;overflow-wrap: break-word !important;">/</span></strong></strong></span></em></span></strong></span></strong></strong></span></em></span></strong></section><section style="margin-right: 8px;margin-left: 8px;max-width: 100%;box-sizing: border-box;color: rgb(51, 51, 51);letter-spacing: 0.544px;background-color: rgb(255, 255, 255);line-height: 2em;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;overflow-wrap: break-word !important;"><strong style="max-width: 100%;box-sizing: border-box !important;overflow-wrap: break-word !important;"><span style="max-width: 100%;font-size: 20px;letter-spacing: 0.544px;color: rgb(178, 178, 178);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;box-sizing: border-box !important;overflow-wrap: break-word !important;"><strong style="max-width: 100%;color: rgb(53, 53, 53);font-size: 12px;letter-spacing: 0.544px;font-family: &quot;Helvetica Neue&quot;, &quot;Hiragino Sans GB&quot;, &quot;Microsoft YaHei&quot;, 黑体, Arial, sans-serif;box-sizing: border-box !important;overflow-wrap: break-word !important;"><strong style="max-width: 100%;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;box-sizing: border-box !important;overflow-wrap: break-word !important;"><span style="max-width: 100%;font-size: 20px;color: rgb(178, 178, 178);text-transform: uppercase;letter-spacing: 1px;font-family: didot;box-sizing: border-box !important;overflow-wrap: break-word !important;"><em style="max-width: 100%;color: rgb(51, 51, 51);font-size: 17px;letter-spacing: 0.544px;caret-color: rgb(51, 51, 51);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;box-sizing: border-box !important;overflow-wrap: break-word !important;"><strong style="max-width: 100%;box-sizing: border-box !important;overflow-wrap: break-word !important;"><span style="max-width: 100%;color: rgb(62, 62, 62);letter-spacing: 2px;font-size: 12px;font-family: didot;box-sizing: border-box !important;overflow-wrap: break-word !important;">前言</span></strong></em></span></strong></strong></span></strong></section></span></strong></section><section><br /></section><section><span style="font-size: 14px;">在宁波1月18号的最后一拍之后,在这浓厚的欢度新春佳节的氛围之下,集中供地迎来的一周岁,值此良辰吉日,我们倒腾了点数据,供大家乐呵乐呵。</span></section><section><br /></section><section style="margin-bottom: 5px;padding-right: 2em;padding-left: 2em;max-width: 100%;background-color: rgb(255, 255, 255);text-align: center;min-height: 1em;font-size: 16px;letter-spacing: 0.5px;font-family: Futura-Medium;box-sizing: border-box !important;overflow-wrap: break-word !important;"><br /></section><p style="text-align: center;max-width: 100%;min-height: 1em;letter-spacing: 0.544px;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;box-sizing: border-box !important;overflow-wrap: break-word !important;"><img class="rich_pages wxw-img" data-ratio="0.4166666666666667" data-src="https://mmbiz.qpic.cn/mmbiz_png/AJkYaTAujIwBXeobibkwsIUUpeGv4ux4tvDyxpAwynqhBa7wEHtuboBjSnnfm2NKpemdDyfOJ5Az1tvTbYyWFnA/640?wx_fmt=png" data-type="png" data-w="108" style="margin-top: -4px;box-sizing: border-box;width: 65px;" /></p><p style="text-align: center;max-width: 100%;min-height: 1em;letter-spacing: 0.544px;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;box-sizing: border-box !important;overflow-wrap: break-word !important;"><br /></p></section><section style="margin-left: 16px;margin-right: 16px;text-align: center;"><strong><span style="font-size: 24px;">Part1</span></strong></section><section style="margin-left: 16px;margin-right: 16px;text-align: center;"><span style="font-size: 12px;"><strong>*</strong></span></section><section style="margin-left: 16px;margin-right: 16px;text-align: center;"><span style="font-size: 20px;"><strong>集中供地22城表现如何</strong></span><span style="font-size: 16px;"></span></section><section style="margin-left: 16px;margin-right: 16px;"><br /></section><section style="margin-left: 16px;margin-right: 16px;"><span style="font-size: 16px;">整体由热转冷,三个批次平均溢价率分别为14.9%、3.6%、2.6%,底价成交率分别为40%、49%、61%,市场有多冷,投资有多收紧,相信从大家的奖金包的厚度来看就能知晓。</span></section><section style="margin-left: 16px;margin-right: 16px;"><span style="font-size: 16px;"><br /></span></section><section style="margin-left: 16px;margin-right: 16px;"><shapetype coordsize="21600,21600" spt="75" path="m@4@5l@4@11@9@11@9@5xe" preferrelative="t" filled="f" stroked="f"><stroke joinstyle="miter"></stroke><formulas><f eqn="if lineDrawn pixelLineWidth 0"></f><f eqn="sum @0 1 0"></f><f eqn="sum 0 0 @1"></f><f eqn="prod @2 1 2"></f><f eqn="prod @3 21600 pixelWidth"></f><f eqn="prod @3 21600 pixelHeight"></f><f eqn="sum @0 0 1"></f><f eqn="prod @6 1 2"></f><f eqn="prod @7 21600 pixelWidth"></f><f eqn="sum @8 21600 0"></f><f eqn="prod @7 21600 pixelHeight"></f><f eqn="sum @10 21600 0"></f></formulas><path extrusionok="f" gradientshapeok="t" connecttype="rect"></path><lock aspectratio="t"></lock></shapetype><shape type="#_x0000_t75" filled="f"><imagedata title="image1"></imagedata></shape><img class="rich_pages wxw-img" data-backh="305" data-backw="451" data-cropselx1="0" data-cropselx2="546" data-cropsely1="0" data-cropsely2="370" data-ratio="0.6758720930232558" data-src="https://mmbiz.qpic.cn/mmbiz_png/AJkYaTAujIziahuNt6LbfOb23f3PD0HmZib5m6wbs68QgnHbQYvIQ8icfLwkxW3M2pqt3RxF3CiavibQiahH53BFC1HA/640?wx_fmt=png" data-type="png" data-w="688" style="width: 547px;height: 370px;" /></section><section style="margin-left: 16px;margin-right: 16px;"><v:shapetype coordsize="21600,21600" xmlns:o="urn:schemas-microsoft-com:office:office" o:spt="75" path="m@4@5l@4@11@9@11@9@5xe" o:preferrelative="t" filled="f" stroked="f"><v:formulas><v:f eqn="if lineDrawn pixelLineWidth 0"></v:f><v:f eqn="sum @0 1 0"></v:f><v:f eqn="sum 0 0 @1"></v:f><v:f eqn="prod @2 1 2"></v:f><v:f eqn="prod @3 21600 pixelWidth"></v:f><v:f eqn="prod @3 21600 pixelHeight"></v:f><v:f eqn="sum @0 0 1"></v:f><v:f eqn="prod @6 1 2"></v:f><v:f eqn="prod @7 21600 pixelWidth"></v:f><v:f eqn="sum @8 21600 0"></v:f><v:f eqn="prod @7 21600 pixelHeight"></v:f><v:f eqn="sum @10 21600 0"></v:f></v:formulas><v:path o:extrusionok="f" gradientshapeok="t" o:connecttype="rect"></v:path></v:shapetype><img class="rich_pages wxw-img" data-backh="165" data-backw="444" data-cropselx1="0" data-cropselx2="546" data-cropsely1="0" data-cropsely2="203" data-ratio="0.37271214642262895" data-src="https://mmbiz.qpic.cn/mmbiz_png/AJkYaTAujIziahuNt6LbfOb23f3PD0HmZemQLOS9gNicSyDrrrj2iasM3IIx3wic90iauWV89uaZUswLOZfNv9VGF8A/640?wx_fmt=png" data-type="png" data-w="601" style="width: 546px;height: 204px;" /></section><section style="margin-left: 16px;margin-right: 16px;"><span style="font-size: 16px;"><br /></span></section><section style="margin-left: 16px;margin-right: 16px;"><span style="font-size: 16px;">从地块分化来看,22城平均单地块成交金额的箱型图趋于集中,并且中位数从13.41亿元下滑至7.8亿元,其反应的是集中供地拿地门槛逐次降低;从货地比的角度来看,第3批次货地比分散度高,地块间差距大,房企可选择度高,在土拍的反映上呈现的是流拍与溢价成交分化。</span></section><section style="margin-left: 16px;margin-right: 16px;"><span style="font-size: 16px;"><br /></span></section><section style="margin-left: 16px;margin-right: 16px;"><v:shapetype coordsize="21600,21600" xmlns:o="urn:schemas-microsoft-com:office:office" o:spt="75" path="m@4@5l@4@11@9@11@9@5xe" o:preferrelative="t" filled="f" stroked="f"><v:formulas><v:f eqn="if lineDrawn pixelLineWidth 0"></v:f><v:f eqn="sum @0 1 0"></v:f><v:f eqn="sum 0 0 @1"></v:f><v:f eqn="prod @2 1 2"></v:f><v:f eqn="prod @3 21600 pixelWidth"></v:f><v:f eqn="prod @3 21600 pixelHeight"></v:f><v:f eqn="sum @0 0 1"></v:f><v:f eqn="prod @6 1 2"></v:f><v:f eqn="prod @7 21600 pixelWidth"></v:f><v:f 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/></section><section style="margin-left: 16px;margin-right: 16px;"><span style="font-size: 12px;">备注:货地比=土地成交建面*当月房价/土地成交出让金</span></section><section style="margin-left: 16px;margin-right: 16px;"><span style="font-size: 16px;"><br /></span></section><section style="margin-left: 16px;margin-right: 16px;"><span style="font-size: 16px;">分城市来看,城市分化严重。下图是22城市3批次土地热度及是市场热度(二手信心周期),可以划分为比较典型的以下几类:</span></section><ul class="list-paddingleft-2" style="list-style-type: disc;"><li><p><span style="font-size: 16px;">土地&amp;市场分化型:广州、济南、南京、苏州</span></p></li><li><p><span style="font-size: 16px;">土地&amp;市场同步V字型:杭州、宁波、天津</span></p></li><li><p><span style="font-size: 16px;">土地&amp;市场下探型:成都、福州、无锡</span></p></li></ul><section style="margin-left: 16px;margin-right: 16px;"><br /></section><section style="text-align: center;margin-left: 16px;margin-right: 16px;"><img class="rich_pages wxw-img" data-backh="366" data-backw="578" data-galleryid="" data-ratio="0.6328125" data-s="300,640" data-src="https://mmbiz.qpic.cn/mmbiz_png/AJkYaTAujIziahuNt6LbfOb23f3PD0HmZW2IDnEL4847vcWAODYCc7Yq7uQ0qKjdehTlibQrib2DecbobUUE1ddGg/640?wx_fmt=png" data-type="png" data-w="1280" style="width: 100%;height: auto;" /></section><section style="margin-left: 16px;margin-right: 16px;"><br /></section><section style="margin-left: 16px;margin-right: 16px;"><span style="font-size: 16px;">按照土拍批次视角来看:</span><br /></section><ul class="list-paddingleft-2" style="list-style-type: disc;"><li><p><span style="font-size: 16px;">一批次:集中在4-6月份,土拍成交热度高,北京、南京、合肥、无锡、成都、杭州,拿地热情高涨</span></p></li><li><p><span style="font-size: 16px;">二批次:9-10月份,房企开始暴雷,市场信心快速下滑,城市间开始分化,深圳仍有热度,福州土拍升温,广州骤冷</span></p></li><li><p><span style="font-size: 16px;">三批次:11-12月份,房企人人自危,投资收缩,城市分化明显,杭州热度上升,北京、广州、重庆持续降温,沈阳、长春流拍加剧</span></p></li></ul><section style="margin-left: 16px;margin-right: 16px;"><br /></section><section style="margin-left: 16px;margin-right: 16px;"><v:shapetype coordsize="21600,21600" 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data-type="png" data-w="817" style="width: 546px;height: 474px;"></section><section style="margin-left: 16px;margin-right: 16px;"><v:shapetype coordsize="21600,21600" xmlns:o="urn:schemas-microsoft-com:office:office" o:spt="75" path="m@4@5l@4@11@9@11@9@5xe" o:preferrelative="t" filled="f" stroked="f"><v:formulas><v:f eqn="if lineDrawn pixelLineWidth 0"></v:f><v:f eqn="sum @0 1 0"></v:f><v:f eqn="sum 0 0 @1"></v:f><v:f eqn="prod @2 1 2"></v:f><v:f eqn="prod @3 21600 pixelWidth"></v:f><v:f eqn="prod @3 21600 pixelHeight"></v:f><v:f eqn="sum @0 0 1"></v:f><v:f eqn="prod @6 1 2"></v:f><v:f eqn="prod @7 21600 pixelWidth"></v:f><v:f eqn="sum @8 21600 0"></v:f><v:f eqn="prod @7 21600 pixelHeight"></v:f><v:f eqn="sum @10 21600 0"></v:f></v:formulas><v:path o:extrusionok="f" gradientshapeok="t" o:connecttype="rect"></v:path></v:shapetype><img class="rich_pages wxw-img" data-backh="390" data-backw="477" data-cropselx1="0" data-cropselx2="546" data-cropsely1="0" data-cropsely2="447" data-ratio="0.8178654292343387" data-src="https://mmbiz.qpic.cn/mmbiz_png/AJkYaTAujIziahuNt6LbfOb23f3PD0HmZFHtcVNwibgGJh5AReYwxc1Dicux3yehIGymJOAJJjqQtalhBtUaHcgyA/640?wx_fmt=png" data-type="png" data-w="862" style="width: 547px;height: 447px;" /></section><section style="margin-left: 16px;margin-right: 16px;"><v:shapetype coordsize="21600,21600" xmlns:o="urn:schemas-microsoft-com:office:office" o:spt="75" path="m@4@5l@4@11@9@11@9@5xe" o:preferrelative="t" filled="f" stroked="f"><v:formulas><v:f eqn="if lineDrawn pixelLineWidth 0"></v:f><v:f eqn="sum @0 1 0"></v:f><v:f eqn="sum 0 0 @1"></v:f><v:f eqn="prod @2 1 2"></v:f><v:f eqn="prod @3 21600 pixelWidth"></v:f><v:f eqn="prod @3 21600 pixelHeight"></v:f><v:f eqn="sum @0 0 1"></v:f><v:f eqn="prod @6 1 2"></v:f><v:f eqn="prod @7 21600 pixelWidth"></v:f><v:f eqn="sum @8 21600 0"></v:f><v:f eqn="prod @7 21600 pixelHeight"></v:f><v:f eqn="sum @10 21600 0"></v:f></v:formulas><v:path o:extrusionok="f" gradientshapeok="t" o:connecttype="rect"></v:path></v:shapetype><img class="rich_pages wxw-img" data-backh="123" data-backw="418" data-cropselx1="0" data-cropselx2="418" data-cropsely1="0" data-cropsely2="121" data-ratio="0.29442970822281167" data-src="https://mmbiz.qpic.cn/mmbiz_png/AJkYaTAujIziahuNt6LbfOb23f3PD0HmZUzibzia6FNncCkGuTjs0FkJP2WIOI7vBmHickQ28bVp2vkO7XQOmNUUWA/640?wx_fmt=png" data-type="png" data-w="754" style="width: 100%;height: auto;" /></section><section style="margin-left: 16px;margin-right: 16px;"><span style="font-size: 16px;"><br /></span></section><section style="margin-left: 16px;margin-right: 16px;"><span style="font-size: 16px;">按照土拍当时的市场周期视角来看:</span></section><section style="margin-left: 16px;margin-right: 16px;"><span style="font-size: 16px;"><br /></span></section><section style="margin-left: 16px;margin-right: 16px;"><span style="font-size: 16px;">一批次土拍节点多数城市处于向上冲高或者高位回落的周期性高位阶段,市场信心充足,大家铆足了劲准备大干一场,当时的上海二手房成交量还在2W套的荣枯线以上。二批次及三批次时,多数城市进入到高位回落阶段并逐步接近下探筑底周期,市场信心不足,部分城市如深圳及宁波处于阶段性底部,土拍成交分化,有底价成交也有摇号成交,房企挑选优质地块补仓</span></section><section style="margin-left: 16px;margin-right: 16px;"><span style="font-size: 16px;"><br /></span></section><section style="margin-left: 16px;margin-right: 16px;"><v:shapetype coordsize="21600,21600" xmlns:o="urn:schemas-microsoft-com:office:office" o:spt="75" path="m@4@5l@4@11@9@11@9@5xe" o:preferrelative="t" filled="f" stroked="f"><v:formulas><v:f eqn="if lineDrawn pixelLineWidth 0"></v:f><v:f eqn="sum @0 1 0"></v:f><v:f eqn="sum 0 0 @1"></v:f><v:f eqn="prod @2 1 2"></v:f><v:f eqn="prod @3 21600 pixelWidth"></v:f><v:f eqn="prod @3 21600 pixelHeight"></v:f><v:f eqn="sum @0 0 1"></v:f><v:f eqn="prod @6 1 2"></v:f><v:f eqn="prod @7 21600 pixelWidth"></v:f><v:f eqn="sum @8 21600 0"></v:f><v:f eqn="prod @7 21600 pixelHeight"></v:f><v:f eqn="sum @10 21600 0"></v:f></v:formulas><v:path o:extrusionok="f" gradientshapeok="t" o:connecttype="rect"></v:path></v:shapetype><img class="rich_pages wxw-img" data-backh="292" data-backw="546" data-cropselx1="0" data-cropselx2="546" data-cropsely1="0" data-cropsely2="292" data-ratio="0.5336866010598031" data-src="https://mmbiz.qpic.cn/mmbiz_png/AJkYaTAujIziahuNt6LbfOb23f3PD0HmZKm08qFckLWUian9BTibDrC0OBWrkfD3C7ogNuZNLicBN1LwaibkwSEQb2Q/640?wx_fmt=png" data-type="png" data-w="1321" style="width: 547px;height: 292px;" /></section><section style="margin-left: 16px;margin-right: 16px;"><v:shapetype coordsize="21600,21600" xmlns:o="urn:schemas-microsoft-com:office:office" o:spt="75" path="m@4@5l@4@11@9@11@9@5xe" o:preferrelative="t" filled="f" stroked="f"><v:formulas><v:f eqn="if lineDrawn pixelLineWidth 0"></v:f><v:f eqn="sum @0 1 0"></v:f><v:f eqn="sum 0 0 @1"></v:f><v:f eqn="prod @2 1 2"></v:f><v:f eqn="prod @3 21600 pixelWidth"></v:f><v:f eqn="prod @3 21600 pixelHeight"></v:f><v:f eqn="sum @0 0 1"></v:f><v:f eqn="prod @6 1 2"></v:f><v:f eqn="prod @7 21600 pixelWidth"></v:f><v:f eqn="sum @8 21600 0"></v:f><v:f eqn="prod @7 21600 pixelHeight"></v:f><v:f eqn="sum @10 21600 0"></v:f></v:formulas><v:path o:extrusionok="f" gradientshapeok="t" o:connecttype="rect"></v:path></v:shapetype><img class="rich_pages wxw-img" data-backh="290" data-backw="546" data-cropselx1="0" data-cropselx2="546" data-cropsely1="0" data-cropsely2="290" data-ratio="0.5317700453857791" data-src="https://mmbiz.qpic.cn/mmbiz_png/AJkYaTAujIziahuNt6LbfOb23f3PD0HmZ1GDv4Bia2GqR8Qcibch3icwUgbSbO0shtXQPdO5JMOJsJEMZvbvYYrVpw/640?wx_fmt=png" data-type="png" data-w="1322" style="width: 546px;height: 290px;" /></section><section style="margin-left: 16px;margin-right: 16px;"><v:shapetype coordsize="21600,21600" xmlns:o="urn:schemas-microsoft-com:office:office" o:spt="75" path="m@4@5l@4@11@9@11@9@5xe" o:preferrelative="t" filled="f" stroked="f"><v:formulas><v:f eqn="if lineDrawn pixelLineWidth 0"></v:f><v:f eqn="sum @0 1 0"></v:f><v:f eqn="sum 0 0 @1"></v:f><v:f eqn="prod @2 1 2"></v:f><v:f eqn="prod @3 21600 pixelWidth"></v:f><v:f eqn="prod @3 21600 pixelHeight"></v:f><v:f eqn="sum @0 0 1"></v:f><v:f eqn="prod @6 1 2"></v:f><v:f eqn="prod @7 21600 pixelWidth"></v:f><v:f eqn="sum @8 21600 0"></v:f><v:f eqn="prod @7 21600 pixelHeight"></v:f><v:f eqn="sum @10 21600 0"></v:f></v:formulas><v:path o:extrusionok="f" gradientshapeok="t" o:connecttype="rect"></v:path></v:shapetype><img class="rich_pages wxw-img" data-backh="290" data-backw="546" data-cropselx1="0" data-cropselx2="546" data-cropsely1="0" data-cropsely2="290" data-ratio="0.5302571860816944" data-src="https://mmbiz.qpic.cn/mmbiz_png/AJkYaTAujIziahuNt6LbfOb23f3PD0HmZUXAdWviacLptGksDkY3EP31LTibRxicNkvtuQqInbjTHOtdFDjFiat4yOw/640?wx_fmt=png" data-type="png" data-w="1322" style="width: 547px;height: 290px;" /></section><section style="margin-left: 16px;margin-right: 16px;"><span style="font-size: 16px;"><br /></span></section><section style="margin-left: 16px;margin-right: 16px;"><span style="font-size: 16px;">城市投资拿地进入门槛方面,北京、南京、武汉、合肥及上海为拿地门槛下降最多的5个城市,上海3批次单地块成交金额是1批次的7折水平,北京则是5.5折水平,投资门槛大幅下降,这要是禾略上个市,融个资,加个杠杆,举个负债,也可以拿个地,开个发,建个房,翻身农奴把歌唱</span></section><section style="margin-left: 16px;margin-right: 16px;"><span style="font-size: 16px;"><br /></span></section><section style="margin-left: 16px;margin-right: 16px;"><v:shapetype coordsize="21600,21600" xmlns:o="urn:schemas-microsoft-com:office:office" o:spt="75" path="m@4@5l@4@11@9@11@9@5xe" o:preferrelative="t" filled="f" stroked="f"><v:formulas><v:f eqn="if lineDrawn pixelLineWidth 0"></v:f><v:f eqn="sum @0 1 0"></v:f><v:f eqn="sum 0 0 @1"></v:f><v:f eqn="prod @2 1 2"></v:f><v:f eqn="prod @3 21600 pixelWidth"></v:f><v:f eqn="prod @3 21600 pixelHeight"></v:f><v:f eqn="sum @0 0 1"></v:f><v:f eqn="prod @6 1 2"></v:f><v:f eqn="prod @7 21600 pixelWidth"></v:f><v:f eqn="sum @8 21600 0"></v:f><v:f eqn="prod @7 21600 pixelHeight"></v:f><v:f eqn="sum @10 21600 0"></v:f></v:formulas><v:path o:extrusionok="f" gradientshapeok="t" o:connecttype="rect"></v:path></v:shapetype><img class="rich_pages wxw-img" data-backh="334" data-backw="546" data-cropselx1="0" data-cropselx2="546" data-cropsely1="0" data-cropsely2="334" data-ratio="0.6122098022355976" data-src="https://mmbiz.qpic.cn/mmbiz_png/AJkYaTAujIziahuNt6LbfOb23f3PD0HmZUkUavlrSUG9tISGqdGr7RVg0pm0iaLgRmBuywUCmajdBjFhNkiar2iafg/640?wx_fmt=png" data-type="png" data-w="1163" style="width: 546px;height: 334px;" /></section><section style="margin-left: 16px;margin-right: 16px;"><br /></section><section style="margin-left: 16px;margin-right: 16px;"><br /></section><section style="margin-right: 16px;margin-left: 16px;white-space: normal;text-align: center;"><strong><span style="font-size: 24px;">Part2</span></strong></section><section style="margin-right: 16px;margin-left: 16px;white-space: normal;text-align: center;"><span style="font-size: 12px;"><strong>*</strong></span></section><section style="margin-right: 16px;margin-left: 16px;white-space: normal;text-align: center;"><span style="font-size: 20px;"><strong>22城周边三四五线城市表现如何</strong></span><br /></section><section style="margin-left: 16px;margin-right: 16px;"><span style="font-size: 16px;"><br /></span></section><section style="margin-left: 16px;margin-right: 16px;"><span style="font-size: 16px;">城市线的划分是经由综合2009至2020年的38个宏观指标数据进行评价获得,籍此能够得到三四五线的城市清单,并且通过测量这些城市与22个集中供地城市空间地理质心间的距离,来判断是否属于都市圈,我们判断的标准是距离核心城市20公里以内即属于都市圈城市。以上,是后续三四五线城市土地市场分析的划分基础。</span></section><section style="margin-left: 16px;margin-right: 16px;"><span style="font-size: 16px;"><br /></span></section><section style="margin-left: 16px;margin-right: 16px;"><v:shapetype coordsize="21600,21600" xmlns:o="urn:schemas-microsoft-com:office:office" o:spt="75" path="m@4@5l@4@11@9@11@9@5xe" o:preferrelative="t" filled="f" stroked="f"><v:formulas><v:f eqn="if lineDrawn pixelLineWidth 0"></v:f><v:f eqn="sum @0 1 0"></v:f><v:f eqn="sum 0 0 @1"></v:f><v:f eqn="prod @2 1 2"></v:f><v:f eqn="prod @3 21600 pixelWidth"></v:f><v:f eqn="prod @3 21600 pixelHeight"></v:f><v:f eqn="sum @0 0 1"></v:f><v:f eqn="prod @6 1 2"></v:f><v:f eqn="prod @7 21600 pixelWidth"></v:f><v:f eqn="sum @8 21600 0"></v:f><v:f eqn="prod @7 21600 pixelHeight"></v:f><v:f eqn="sum @10 21600 0"></v:f></v:formulas><v:path o:extrusionok="f" gradientshapeok="t" o:connecttype="rect"></v:path></v:shapetype><img class="rich_pages wxw-img" data-backh="270" data-backw="546" data-cropselx1="0" data-cropselx2="546" data-cropsely1="0" data-cropsely2="270" data-ratio="0.4947129909365559" data-src="https://mmbiz.qpic.cn/mmbiz_png/AJkYaTAujIziahuNt6LbfOb23f3PD0HmZuSrcwwFCavw09CibF8jtBmsVW9fu32CvdCeXJxGhQLKO1tMZ3N1VkkA/640?wx_fmt=png" data-type="png" data-w="1324" style="width: 546px;height: 270px;" /></section><section style="margin-left: 16px;margin-right: 16px;"><span style="font-size: 12px;">备注:22城集中供地城市,字体加粗且标红</span></section><section style="margin-left: 16px;margin-right: 16px;"><span style="font-size: 16px;"><br /></span></section><section style="margin-left: 16px;margin-right: 16px;"><v:shapetype coordsize="21600,21600" xmlns:o="urn:schemas-microsoft-com:office:office" o:spt="75" path="m@4@5l@4@11@9@11@9@5xe" o:preferrelative="t" filled="f" stroked="f"><v:formulas><v:f eqn="if lineDrawn pixelLineWidth 0"></v:f><v:f eqn="sum @0 1 0"></v:f><v:f eqn="sum 0 0 @1"></v:f><v:f eqn="prod @2 1 2"></v:f><v:f eqn="prod @3 21600 pixelWidth"></v:f><v:f eqn="prod @3 21600 pixelHeight"></v:f><v:f eqn="sum @0 0 1"></v:f><v:f eqn="prod @6 1 2"></v:f><v:f eqn="prod @7 21600 pixelWidth"></v:f><v:f eqn="sum @8 21600 0"></v:f><v:f eqn="prod @7 21600 pixelHeight"></v:f><v:f eqn="sum @10 21600 0"></v:f></v:formulas><v:path o:extrusionok="f" gradientshapeok="t" o:connecttype="rect"></v:path></v:shapetype><img class="rich_pages wxw-img" data-backh="314" data-backw="546" data-cropselx1="0" data-cropselx2="546" data-cropsely1="0" data-cropsely2="314" data-ratio="0.5737410071942446" data-src="https://mmbiz.qpic.cn/mmbiz_png/AJkYaTAujIziahuNt6LbfOb23f3PD0HmZKDNnscXGB0kNAaG4VxhYKvD9o7EPIbLeu1U2b55MOu6Yrc4hetXg7A/640?wx_fmt=png" data-type="png" data-w="1112" style="width: 547px;height: 314px;" /></section><section style="margin-left: 16px;margin-right: 16px;"><span style="font-size: 16px;"><br /></span></section><section style="margin-left: 16px;margin-right: 16px;"><span style="font-size: 16px;color: rgb(255, 255, 255);background-color: rgb(0, 122, 170);"><strong>进入门槛</strong></span><span style="font-size: 16px;">:2021集中供地元年,22城周边的弱等级城市拿地进入门槛快速提升,其力度仅次于2016年的一波牛市行情</span></section><section style="margin-left: 16px;margin-right: 16px;"><span style="font-size: 16px;"><br /></span></section><section style="margin-left: 16px;margin-right: 16px;"><v:shapetype coordsize="21600,21600" xmlns:o="urn:schemas-microsoft-com:office:office" o:spt="75" path="m@4@5l@4@11@9@11@9@5xe" o:preferrelative="t" filled="f" stroked="f"><v:formulas><v:f eqn="if lineDrawn pixelLineWidth 0"></v:f><v:f eqn="sum @0 1 0"></v:f><v:f eqn="sum 0 0 @1"></v:f><v:f eqn="prod @2 1 2"></v:f><v:f eqn="prod @3 21600 pixelWidth"></v:f><v:f eqn="prod @3 21600 pixelHeight"></v:f><v:f eqn="sum @0 0 1"></v:f><v:f eqn="prod @6 1 2"></v:f><v:f eqn="prod @7 21600 pixelWidth"></v:f><v:f eqn="sum @8 21600 0"></v:f><v:f eqn="prod @7 21600 pixelHeight"></v:f><v:f eqn="sum @10 21600 0"></v:f></v:formulas><v:path o:extrusionok="f" gradientshapeok="t" o:connecttype="rect"></v:path></v:shapetype><img class="rich_pages wxw-img" data-backh="239" data-backw="546" data-cropselx1="0" data-cropselx2="546" data-cropsely1="0" data-cropsely2="239" data-ratio="0.4381107491856677" data-src="https://mmbiz.qpic.cn/mmbiz_png/AJkYaTAujIziahuNt6LbfOb23f3PD0HmZaoxVFly8xZd7KGpvqle8FymANUe8cHegO7zrsfayNib7JoCDkpTOXyw/640?wx_fmt=png" data-type="png" data-w="1228" style="width: 546px;height: 239px;" /></section><section style="margin-left: 16px;margin-right: 16px;"><span style="font-size: 16px;"><br /></span></section><section style="margin-left: 16px;margin-right: 16px;"><span style="color: rgb(0, 122, 170);"><strong><span style="font-size: 16px;">都市圈</span></strong></span><span style="font-size: 16px;">三四五线城市进入门槛:长三角及珠三角城市门槛高,整个区域“捞地”空间受限</span></section><section style="margin-left: 16px;margin-right: 16px;"><span style="font-size: 16px;"><br /></span></section><ul class="list-paddingleft-2" style="list-style-type: disc;"><li><p><span style="font-size: 16px;">一梯队:中山、绍兴、金华、珠海</span></p></li><li><p><span style="font-size: 16px;">二梯队:常州、嘉兴、马鞍山、南通、台州、衢州、泰州</span></p></li></ul><section style="margin-left: 16px;margin-right: 16px;"><span style="font-size: 16px;"><br /></span></section><section style="margin-left: 16px;margin-right: 16px;"><v:shapetype coordsize="21600,21600" xmlns:o="urn:schemas-microsoft-com:office:office" o:spt="75" path="m@4@5l@4@11@9@11@9@5xe" o:preferrelative="t" filled="f" stroked="f"><v:formulas><v:f eqn="if lineDrawn pixelLineWidth 0"></v:f><v:f eqn="sum @0 1 0"></v:f><v:f eqn="sum 0 0 @1"></v:f><v:f eqn="prod @2 1 2"></v:f><v:f eqn="prod @3 21600 pixelWidth"></v:f><v:f eqn="prod @3 21600 pixelHeight"></v:f><v:f eqn="sum @0 0 1"></v:f><v:f eqn="prod @6 1 2"></v:f><v:f eqn="prod @7 21600 pixelWidth"></v:f><v:f eqn="sum @8 21600 0"></v:f><v:f eqn="prod @7 21600 pixelHeight"></v:f><v:f eqn="sum @10 21600 0"></v:f></v:formulas><v:path o:extrusionok="f" gradientshapeok="t" o:connecttype="rect"></v:path></v:shapetype><img class="rich_pages wxw-img" data-cropselx1="0" data-cropselx2="546" data-cropsely1="0" data-cropsely2="470" data-ratio="0.8608" data-src="https://mmbiz.qpic.cn/mmbiz_png/AJkYaTAujIziahuNt6LbfOb23f3PD0HmZ2iaByhVEIU42LhoTWI53SEJlTBpic5bRffF3LMb7Ib9vgk9EmYvNswhA/640?wx_fmt=png" data-type="png" data-w="625" style="width: 546px;height: 470px;" /></section><section style="margin-left: 16px;margin-right: 16px;"><span style="font-size: 16px;"><br /></span></section><section style="margin-left: 16px;margin-right: 16px;"><span style="color: rgb(0, 122, 170);"><strong><span style="font-size: 16px;">非都市圈</span></strong></span><span style="font-size: 16px;">三四五线城市进入门槛:苏北及浙南单地块投资金额高</span></section><section style="margin-left: 16px;margin-right: 16px;"><span style="font-size: 16px;"><br /></span></section><ul class="list-paddingleft-2" style="list-style-type: disc;"><li><p><span style="font-size: 16px;">一梯队:温州、丽水、盐城</span></p></li><li><p><span style="font-size: 16px;">二梯队:贵阳、西宁、徐州</span></p></li></ul><section style="margin-left: 16px;margin-right: 16px;"><br /></section><section style="margin-left: 16px;margin-right: 16px;"><v:shapetype coordsize="21600,21600" xmlns:o="urn:schemas-microsoft-com:office:office" o:spt="75" path="m@4@5l@4@11@9@11@9@5xe" o:preferrelative="t" filled="f" stroked="f"><v:formulas><v:f eqn="if lineDrawn pixelLineWidth 0"></v:f><v:f eqn="sum @0 1 0"></v:f><v:f eqn="sum 0 0 @1"></v:f><v:f eqn="prod @2 1 2"></v:f><v:f eqn="prod @3 21600 pixelWidth"></v:f><v:f eqn="prod @3 21600 pixelHeight"></v:f><v:f eqn="sum @0 0 1"></v:f><v:f eqn="prod @6 1 2"></v:f><v:f eqn="prod @7 21600 pixelWidth"></v:f><v:f eqn="sum @8 21600 0"></v:f><v:f eqn="prod @7 21600 pixelHeight"></v:f><v:f eqn="sum @10 21600 0"></v:f></v:formulas><v:path o:extrusionok="f" gradientshapeok="t" o:connecttype="rect"></v:path></v:shapetype><img class="rich_pages wxw-img" data-cropselx1="0" data-cropselx2="546" data-cropsely1="0" data-cropsely2="471" data-ratio="0.8637820512820513" data-src="https://mmbiz.qpic.cn/mmbiz_png/AJkYaTAujIziahuNt6LbfOb23f3PD0HmZkOEIksrxXvgdIHHHyibb3Gicr1c47sjBdIyq80vAntIynOpeKn1hzNxA/640?wx_fmt=png" data-type="png" data-w="624" style="width: 546px;height: 472px;" /></section><section style="margin-left: 16px;margin-right: 16px;"><span style="font-size: 16px;"><br /></span></section><section style="margin-left: 16px;margin-right: 16px;"><span style="color: rgb(255, 255, 255);background-color: rgb(0, 122, 170);"><strong><span style="color: rgb(255, 255, 255);font-size: 16px;">规模贡献</span></strong></span><span style="font-size: 16px;">:三四五线城市整体货地比自2018年后稳中有降</span></section><section style="margin-left: 16px;margin-right: 16px;"><span style="font-size: 16px;"><br /></span></section><section style="margin-left: 16px;margin-right: 16px;"><v:shapetype coordsize="21600,21600" xmlns:o="urn:schemas-microsoft-com:office:office" o:spt="75" path="m@4@5l@4@11@9@11@9@5xe" o:preferrelative="t" filled="f" stroked="f"><v:formulas><v:f eqn="if lineDrawn pixelLineWidth 0"></v:f><v:f eqn="sum @0 1 0"></v:f><v:f eqn="sum 0 0 @1"></v:f><v:f eqn="prod @2 1 2"></v:f><v:f eqn="prod @3 21600 pixelWidth"></v:f><v:f eqn="prod @3 21600 pixelHeight"></v:f><v:f eqn="sum @0 0 1"></v:f><v:f eqn="prod @6 1 2"></v:f><v:f eqn="prod @7 21600 pixelWidth"></v:f><v:f eqn="sum @8 21600 0"></v:f><v:f eqn="prod @7 21600 pixelHeight"></v:f><v:f eqn="sum @10 21600 0"></v:f></v:formulas><v:path o:extrusionok="f" gradientshapeok="t" o:connecttype="rect"></v:path></v:shapetype><img class="rich_pages wxw-img" data-backh="238" data-backw="546" data-cropselx1="0" data-cropselx2="546" data-cropsely1="0" data-cropsely2="238" data-ratio="0.435126582278481" data-src="https://mmbiz.qpic.cn/mmbiz_png/AJkYaTAujIziahuNt6LbfOb23f3PD0HmZBB35VN5LGnOEfqCtOrkWHObbQIMATvRHXyiamfQCVyGmMkTugVP4SUw/640?wx_fmt=png" data-type="png" data-w="1264" style="width: 100%;height: auto;" /></section><section style="margin-left: 16px;margin-right: 16px;"><br /></section><section style="margin-left: 16px;margin-right: 16px;"><span style="color: rgb(0, 122, 170);"><strong><span style="font-size: 16px;">都市圈</span></strong></span><span style="font-size: 16px;">三四五线城市规模贡献:中部都市圈如郑州、武汉、长沙周边弱能级城市资金投入产出比相对较高</span></section><section style="margin-left: 16px;margin-right: 16px;"><span style="font-size: 16px;"><br /></span></section><ul class="list-paddingleft-2" style="list-style-type: disc;"><li><p><span style="font-size: 16px;">一梯队:云浮、盘锦</span></p></li><li><p><span style="font-size: 16px;">二梯队:张家口、咸宁、黄山、阜新、益阳</span></p></li></ul><section style="margin-left: 16px;margin-right: 16px;"><br /></section><section style="margin-left: 16px;margin-right: 16px;"><v:shapetype coordsize="21600,21600" xmlns:o="urn:schemas-microsoft-com:office:office" o:spt="75" path="m@4@5l@4@11@9@11@9@5xe" o:preferrelative="t" filled="f" stroked="f"><v:formulas><v:f eqn="if lineDrawn pixelLineWidth 0"></v:f><v:f eqn="sum @0 1 0"></v:f><v:f eqn="sum 0 0 @1"></v:f><v:f eqn="prod @2 1 2"></v:f><v:f eqn="prod @3 21600 pixelWidth"></v:f><v:f eqn="prod @3 21600 pixelHeight"></v:f><v:f eqn="sum @0 0 1"></v:f><v:f eqn="prod @6 1 2"></v:f><v:f eqn="prod @7 21600 pixelWidth"></v:f><v:f eqn="sum @8 21600 0"></v:f><v:f eqn="prod @7 21600 pixelHeight"></v:f><v:f eqn="sum @10 21600 0"></v:f></v:formulas><v:path o:extrusionok="f" gradientshapeok="t" o:connecttype="rect"></v:path></v:shapetype><img class="rich_pages wxw-img" data-backh="473" data-backw="546" data-cropselx1="0" data-cropselx2="546" data-cropsely1="0" data-cropsely2="473" data-ratio="0.8665594855305466" data-src="https://mmbiz.qpic.cn/mmbiz_png/AJkYaTAujIziahuNt6LbfOb23f3PD0HmZBdmmllyuRZuzgKwGJqmhCLeSTN4ib30XP8LSZF3DZ6uv1qbKLMPOA9Q/640?wx_fmt=png" data-type="png" data-w="622" style="width: 100%;height: auto;" /></section><section style="margin-left: 16px;margin-right: 16px;"><span style="font-size: 16px;"><br /></span></section><section style="margin-left: 16px;margin-right: 16px;"><span style="color: rgb(0, 122, 170);"><strong><span style="font-size: 16px;">非都市圈</span></strong></span><span style="font-size: 16px;">三四五线城市规模贡献:西北及西南区域城市普遍投入产出比高</span></section><section style="margin-left: 16px;margin-right: 16px;"><span style="font-size: 16px;"><br /></span></section><ul class="list-paddingleft-2" style="list-style-type: disc;"><li><p><span style="font-size: 16px;">一梯队:铜川、贺州、定西、兰州、白银、陇南、来宾、防城港、呼伦贝尔、白山、梅州、吴忠、崇左</span></p></li><li><p><span style="font-size: 16px;">二梯队:三亚、百色、钦州、阳江、汉中、张掖、河池、晋中、通辽、绥化、阳泉、六盘水、永州、秦皇岛、荆门、大同</span></p></li></ul><section style="margin-left: 16px;margin-right: 16px;"><br /></section><section style="margin-left: 16px;margin-right: 16px;"><v:shapetype coordsize="21600,21600" xmlns:o="urn:schemas-microsoft-com:office:office" o:spt="75" path="m@4@5l@4@11@9@11@9@5xe" o:preferrelative="t" filled="f" stroked="f"><v:formulas><v:f eqn="if lineDrawn pixelLineWidth 0"></v:f><v:f eqn="sum @0 1 0"></v:f><v:f eqn="sum 0 0 @1"></v:f><v:f eqn="prod @2 1 2"></v:f><v:f eqn="prod @3 21600 pixelWidth"></v:f><v:f eqn="prod @3 21600 pixelHeight"></v:f><v:f eqn="sum @0 0 1"></v:f><v:f eqn="prod @6 1 2"></v:f><v:f eqn="prod @7 21600 pixelWidth"></v:f><v:f eqn="sum @8 21600 0"></v:f><v:f eqn="prod @7 21600 pixelHeight"></v:f><v:f eqn="sum @10 21600 0"></v:f></v:formulas><v:path o:extrusionok="f" gradientshapeok="t" o:connecttype="rect"></v:path></v:shapetype><img class="rich_pages wxw-img" data-backh="471" data-backw="546" data-cropselx1="0" data-cropselx2="546" data-cropsely1="0" data-cropsely2="471" data-ratio="0.8635634028892456" data-src="https://mmbiz.qpic.cn/mmbiz_png/AJkYaTAujIziahuNt6LbfOb23f3PD0HmZtl3rfrRYKMnkYgut0Ge9licYtoQx5TTkbwlOGF99aOicdPZvt2DxqGoQ/640?wx_fmt=png" data-type="png" data-w="623" style="width: 100%;height: auto;" /></section><section style="margin-left: 16px;margin-right: 16px;"><span style="font-size: 16px;"><br /></span></section><section style="margin-left: 16px;margin-right: 16px;"><span style="background-color: rgb(0, 122, 170);color: rgb(255, 255, 255);"><strong><span style="background-color: rgb(0, 122, 170);font-size: 16px;">溢价收益</span></strong></span><span style="font-size: 16px;">:都市圈弱能级城市房价增速不及地价,利润空间被挤压</span></section><section style="margin-left: 16px;margin-right: 16px;"><span style="font-size: 16px;"><br /></span></section><section style="margin-left: 16px;margin-right: 16px;"><v:shapetype coordsize="21600,21600" xmlns:o="urn:schemas-microsoft-com:office:office" o:spt="75" path="m@4@5l@4@11@9@11@9@5xe" o:preferrelative="t" filled="f" stroked="f"><v:formulas><v:f eqn="if lineDrawn pixelLineWidth 0"></v:f><v:f eqn="sum @0 1 0"></v:f><v:f eqn="sum 0 0 @1"></v:f><v:f eqn="prod @2 1 2"></v:f><v:f eqn="prod @3 21600 pixelWidth"></v:f><v:f eqn="prod @3 21600 pixelHeight"></v:f><v:f eqn="sum @0 0 1"></v:f><v:f eqn="prod @6 1 2"></v:f><v:f eqn="prod @7 21600 pixelWidth"></v:f><v:f eqn="sum @8 21600 0"></v:f><v:f eqn="prod @7 21600 pixelHeight"></v:f><v:f eqn="sum @10 21600 0"></v:f></v:formulas><v:path o:extrusionok="f" gradientshapeok="t" o:connecttype="rect"></v:path></v:shapetype><img class="rich_pages wxw-img" data-cropselx1="0" data-cropselx2="546" data-cropsely1="0" data-cropsely2="229" data-ratio="0.41886490807354115" data-src="https://mmbiz.qpic.cn/mmbiz_png/AJkYaTAujIziahuNt6LbfOb23f3PD0HmZ4MgYXupIAbym5V7U3pnia4p73kLnvspYUaxozTnic2zkB9ARqSF16W1g/640?wx_fmt=png" data-type="png" data-w="1251" style="width: 547px;height: 229px;" 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pixelLineWidth 0"></v:f><v:f eqn="sum @0 1 0"></v:f><v:f eqn="sum 0 0 @1"></v:f><v:f eqn="prod @2 1 2"></v:f><v:f eqn="prod @3 21600 pixelWidth"></v:f><v:f eqn="prod @3 21600 pixelHeight"></v:f><v:f eqn="sum @0 0 1"></v:f><v:f eqn="prod @6 1 2"></v:f><v:f eqn="prod @7 21600 pixelWidth"></v:f><v:f eqn="sum @8 21600 0"></v:f><v:f eqn="prod @7 21600 pixelHeight"></v:f><v:f eqn="sum @10 21600 0"></v:f></v:formulas><v:path o:extrusionok="f" gradientshapeok="t" o:connecttype="rect"></v:path></v:shapetype><img class="rich_pages wxw-img" data-backh="472" data-backw="546" data-cropselx1="0" data-cropselx2="546" data-cropsely1="0" data-cropsely2="472" data-ratio="0.8651685393258427" data-src="https://mmbiz.qpic.cn/mmbiz_png/AJkYaTAujIziahuNt6LbfOb23f3PD0HmZFU28Zwcibt122rWgXH1CRrCyJFV4zCLjG6PTyz4RkzAyRU7FEfTckjg/640?wx_fmt=png" data-type="png" data-w="623" style="width: 100%;height: auto;" /></section><section style="margin-left: 16px;margin-right: 16px;"><br /></section><section style="margin-left: 16px;margin-right: 16px;"><span style="color: rgb(0, 122, 170);"><strong><span style="font-size: 16px;">非都市圈</span></strong></span><span style="font-size: 16px;">三四五线城市溢价收益:江苏及安徽高溢价城市集中,西部城市呈现点状分布</span></section><section style="margin-left: 16px;margin-right: 16px;"><span style="font-size: 16px;"><br /></span></section><ul class="list-paddingleft-2" style="list-style-type: disc;"><li><p><span style="font-size: 16px;">一梯队:淮北、商洛、百色</span></p></li><li><p><span style="font-size: 16px;">二梯队:庆阳、攀枝花、临沧、徐州、丽水</span></p><p><span style="font-size: 16px;"></span></p></li></ul><section style="margin-left: 16px;margin-right: 16px;"><v:shapetype coordsize="21600,21600" xmlns:o="urn:schemas-microsoft-com:office:office" o:spt="75" path="m@4@5l@4@11@9@11@9@5xe" o:preferrelative="t" filled="f" stroked="f"><v:formulas><v:f eqn="if lineDrawn pixelLineWidth 0"></v:f><v:f eqn="sum @0 1 0"></v:f><v:f eqn="sum 0 0 @1"></v:f><v:f eqn="prod @2 1 2"></v:f><v:f eqn="prod @3 21600 pixelWidth"></v:f><v:f eqn="prod @3 21600 pixelHeight"></v:f><v:f eqn="sum @0 0 1"></v:f><v:f eqn="prod @6 1 2"></v:f><v:f eqn="prod @7 21600 pixelWidth"></v:f><v:f eqn="sum @8 21600 0"></v:f><v:f eqn="prod @7 21600 pixelHeight"></v:f><v:f eqn="sum @10 21600 0"></v:f></v:formulas><v:path o:extrusionok="f" gradientshapeok="t" o:connecttype="rect"></v:path></v:shapetype><img class="rich_pages wxw-img" data-cropselx1="0" data-cropselx2="546" data-cropsely1="0" data-cropsely2="470" data-ratio="0.8621794871794872" data-src="https://mmbiz.qpic.cn/mmbiz_png/AJkYaTAujIziahuNt6LbfOb23f3PD0HmZ7TVUFnu3fspFO34Zc7fJrl1FWyNCfNH9NiblNj4ibsum6VuTDRsTzvFg/640?wx_fmt=png" data-type="png" data-w="624" style="font-size: 10.5pt;text-indent: 0pt;width: 546px;height: 471px;" /></section><p style="margin-top: 0pt;margin-bottom: 0pt;margin-left: 0pt;text-indent: 0pt;line-height: normal;font-size: 10.5pt;font-family: 等线;font-weight: normal;text-align: center;"><br /></p><p style="margin-top: 0pt;margin-bottom: 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